State of Crypto 2025 dives into a price–innovation cycle that’s handing the baton back to builders, with Bitcoin holding roughly 50% of the market and about 70 million of 716 million crypto owners actually on-chain. Institutions are finally shipping real integration (not just PR), stablecoins now rival Visa in daily volumes and sit among top U.S. Treasury holders, and DEXs grabbing near 20% spot share are redefining price discovery.
On the revenue front, perpetuals, infrastructure throughput and fee-switch economics are shaking up how chains make money, while prediction markets gear up for a second act. Plus, there’s a splash of AI×crypto (think decentralized agents and proof-of-humanity), and a sober look at Bitcoin’s long-dated quantum-computing dilemma as we eye the next cycle top.
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