2026-01-18 08:23:23

I recently came across a detailed data summary of the crypto industry in 2025, and a few figures are worth pondering.

The overall industry market cap experienced a downward trend, declining 10.4% for the year, ending at $3.0 trillion — this is the first annual decline since 2022. The situation was even worse in the fourth quarter, with a single-quarter plunge of 23.7%, evaporating $9.46 trillion in value. The previous high of $4.4 trillion was not maintained, and the $1.9 billion liquidation event in October became a turning point.

Interestingly, stablecoins grew against the trend by 48.9%, reaching a total size of $310 billion, hitting a new all-time high, with PYUSD ranking as the fifth largest.

Compared to gold, which surged 62.6% in 2025 and was dubbed the "god of wealth," Bitcoin actually fell 6.4%, performing worse than the US dollar and crude oil.

From an infrastructure perspective, the data paints a different picture. Institutional deployment funds totaled at least $49.7 billion, with Bitcoin and Ethereum holdings each accounting for over 5%. Predicted market trading volume skyrocketed 302.7% to $63.5 billion. Perpetual contract trading volume on centralized exchanges increased by 47.4%, reaching a historic high of 86.2 trillion, while decentralized exchanges saw an even more dramatic rise of 346% to 6.7 trillion, pushing their share in the derivatives market to 7.8%.

In short, while prices are indeed adjusting, trading activity, stablecoin reserves, institutional participation, and derivatives innovation are all experiencing comprehensive upgrades at the foundational level, reinforcing the industry’s resilience.

PYUSD-0.04%

BTC-0.39%

ETH0.5%

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ZenChainWalker

· 5h ago

Prices have fallen, but the underlying fundamentals are becoming more solid, which is quite interesting. The surge in derivatives by 346% is really unsustainable; it feels like the market is playing tricks. Stablecoins have increased by 48.9%, probably being quietly accumulated by institutions. Gold is reigning supreme while Bitcoin underperforms; this contrast is quite ironic. Trading volume is so high, yet prices are still falling... what does that mean? People are gambling. I buy into the logic that the underlying infrastructure is upgrading, but we still need to see when institutions will truly enter the market. Perpetual contracts amount to 86 trillion, which makes you wonder how many traders are getting liquidated in there. Derivatives market accounts for 7.8%, and it seems like decentralized exchanges are gradually eating into the market share. Honestly, the correction period might be the best time to see who is genuine and who is not in each sector.

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FrontRunFighter

· 5h ago

ngl this reeks of classic market manipulation playbook—price tanks but volume explodes? that's where the real extraction happens. institutions gobbling up 5% of btc/eth supply while retail gets liquidated into oblivion during that 19b clearout... dark forest mechanics at work fr fr

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WinterWarmthCat

· 5h ago

Bitcoin drops 6.4%, gold rises 62.6%... The contrast is really striking. It seems brothers who went all-in on BTC last year need to take a breather. The surge in derivatives trading volume is interesting; it shows that people are still playing, just changing their strategies, not truly lying flat. Stablecoins grew by 48.9%? That’s the real signal, indicating that institutions are stockpiling. Perpetual contracts on decentralized exchanges surged by 346%, finally giving DeFi some presence. Prices have fallen, but trading activity has actually increased, proving the industry’s resilience—no exaggeration there. Institutions now hold over 5% of Bitcoin and Ethereum each. It feels like this downturn is actually digging a trap. Liquidation events have directly evaporated $946 billion—terrifying... Many accounts must have been liquidated at that time. Looking at these numbers, it seems the underlying isn’t that pessimistic; it’s just that prices are indeed concerning. Wait, stablecoins hit a record high of $311 billion—are they preparing for something?

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retroactive_airdrop

· 5h ago

Prices may fall, but the surge in derivatives trading volume is the real story. Institutions are quietly accumulating. The 48.9% growth in stablecoins is incredible. It feels like everyone is hoarding USDT, waiting for the right moment. Bitcoin can't outperform gold. How many people's "digital gold" theories are about to be proven wrong? Perpetual contracts traded 86 trillion? Crazy. The leverage game is getting more and more intense. Basically, it's still about trying to trap retail investors. The booming derivatives market just means more people are getting caught. The 5% institutional holding ratio feels like the real show has just begun. Liquidation events became turning points. The wave in October directly wiped out many people's positions... I didn't expect stablecoins to outperform the market. It really feels like the trend has shifted. Innovations and upgrades in derivatives sound impressive, but in reality, they're just more sophisticated gambling tools. Upgrades to the underlying infrastructure? I think exchanges are making a killing, haha.

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0xOverleveraged

· 5h ago

Prices are falling, but look at the trading volume numbers—DEX perpetuals surged by 346%? That’s the real story. Retail investors are bottom-fishing, while institutions are quietly making huge profits. The 48.9% surge in stablecoins indicates that everyone is waiting for the next wave. Bitcoin’s underperformance compared to gold is a bit awkward haha. --- The counter-trend growth of stablecoins feels like accumulating ammunition for the next cycle. It looks pretty interesting. --- Wait, the derivatives trading volume is so strong? I thought everyone was scared off, but it seems the enthusiasm for betting hasn’t diminished. --- Institutions are really cunning. When prices fall, they quietly pile into Bitcoin, while we’re still mourning the decline. --- Speaking of which, the market cap dropped 10.4%, but infrastructure upgrades are happening. I don’t quite get this logic—are they adjusting or gearing up? --- PYUSD has made it into the top five? These new stablecoins are really making a presence. The competition will definitely get more intense in the future. --- Perpetual contracts with a trading volume of 86 trillion, just thinking about it makes my scalp tingle. How crazy is that leverage? --- So, underlying prosperity, but surface-level despair everywhere—that’s the standard for every bear market. True players don’t care about short-term prices.

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