In this issue of Coin Metrics’ State of the Network, we look back at Q3 2025 and the major market trends, on-chain activity, and structural developments that shaped digital assets over the quarter.
Key Takeaways
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ETH and select altcoins outperformed BTC in Q3. Spot and perpetual futures volumes climbed to new highs in August before momentum cooled.
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Bitcoin long-term holder supply fell by ~507K BTC as prices hit new highs, yet the MVRV Z-score near 2 indicates the market remains well below past cycle peaks.
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Structural demand from spot ETFs, the emergence of ETH & SOL digital asset treasuries, and a wave of IPOs continued to broaden market access and push crypto further into mainstream capital markets.
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Stablecoins reached a $280B market cap and $3.66T in monthly transfer volume, with competition intensifying post-GENIUS between issuers and new purpose-built chains like Plasma, Arc, and Tempo.
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