The second quarter of 2025 was successful for the crypto market, which saw an average growth of 24%, recovering from losses in the previous quarter. This trend also altered the profiles of market participants.
Overview of the Crypto Market in Q2
The crypto market added 24% on average in Q2, returning to levels not seen since January. According to Coingecko data, Q2 showed gradual growth, while deeper trading trends shifted among market participant profiles. The market ended the quarter with a market cap of $3.5 trillion, recovering $663.6 billion.
Trading on Decentralized and Centralized Exchanges
Spot trading slowed down in Q2 despite a series of BTC records. Decentralized exchanges (DEX) saw peak growth in both spot swaps and perpetual futures volumes. Binance maintained dominance in the spot market, but centralized exchanges lost over 27% of volumes compared to Q1, finishing Q2 with total volumes of $3.9 trillion.
The Impact of IPOs on the Crypto Market
Some Q2 trends may set the pace for the rest of the year. A notable event was the IPO of Circle, which exceeded expectations and positively impacted the valuation of crypto companies. Circle's IPO in June was 25 times oversubscribed, and the shares closed at $83.23, significantly above the starting price of $31.
The second quarter of 2025 was a significant period for the crypto market, showing recovery and changing trading trends. The IPO momentum also heralds further changes in the perception of crypto companies in the stock markets.