1/ 2025 Q3 Crypto Report: The numbers that matter Total market cap hit $4.0T (+16.4%), daily volume surged +43.8% to $155B after two quarters of decline. The market isn't just recovering - it's accelerating. 7 highlights that define the quarter 👇 2/ Stablecoins hit ATH: $287.6B (+18.3% QoQ) Big movers: ▸ USDe: +177.8% growth, jumped from 2% to 5% market share, now #3 stablecoin ▸ USDT: Added $17B (largest absolute gain), but market share dropped 65%→61% ▸ Total now >$300B in early Q4 Translation: Stablecoin demand exploding = capital preparing to deploy. USDe's meteoric rise shows yield-bearing stablecoins winning mindshare. 3/ ETH's monster quarter: $2,502 → $4,946 ATH (+68.5%) ETH hit new ATH of $4,946 in August, closed Q3 at $4,215. Outperformed BTC, SOL, XRP. Volume doubled: $19.5B → $33.4B daily average Catalyst: Institutional treasury buying (Bitmine, SharpLink) + US Spot ETH ETF inflows ETH finally getting its institutional moment. The "ultrasound money" narrative meeting real capital. 4/ BNB's explosive comeback: ATH $1,048 (+57.3% QoQ) After stagnant year, BNB hit $1,030 end-Q3, then $1,369 ATH in Q4. Volume doubled: $0.8B → $1.7B daily Drivers: ▸ Aster perp DEX launch (BNB trading pairs) ▸ PancakeSwap x Binance Alpha integration CZ's return + ecosystem revival = BNB reclaiming top-tier status. The "dead chain" narrative officially dead. 5/ DeFi renaissance: TVL +40.2% to $161B, market cap hit $181B DeFi market share climbed 3.3% → 4.0% as sector roared back. Catalyst: ETH surge + stablecoin narrative + new perp DEX token launches (AVNT, ASTER) Reality check: DeFi isn't dead - it was just waiting for the right macro conditions. When ETH moves, DeFi follows. 6/ CEX spot volume: $5.1T (+31.6% QoQ) but still below Q1's $5.3T Winners: ▸ Binance: 40% market share, $2.06T volume (surpassed Q1 high) ▸ Bybit: +38.4%, jumped #6→#3 (recovered post-hack) ▸ Upbit: +40.5%, climbed to #9 Loser: Coinbase now #10 globally despite being largest US exchange (+23.4% but outpaced by rivals) US regulatory uncertainty = competitive disadvantage for American exchanges. 7/ Perp DEX explosion: $1.8T volume ATH, challengers emerge Q3 perp DEX volume: +87.0% to $1.8T (excluding Aster) Hyperliquid still dominates: 54.6% market share, 75% of Open Interest Challengers rising: ▸ Aster: $84.8B daily volume (September peak) ▸ Lighter & edgeX gaining traction Reality check: New entrants running incentive programs = mercenary capital. Hyperliquid's OI dominance (75%) shows real sticky liquidity. Bottom line: Q3 proved crypto bull market isn't just BTC anymore. ETH institutional adoption, stablecoin explosion, DeFi revival, perp DEX competition - this is broad-based growth. The question isn't IF this continues, but WHICH narratives dominate Q4. Watch: ETH treasuries, perp DEX wars, stablecoin yields. #coinminutes #bitcoin #market
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