Crypto Report 2025 compiled by #HCCVenture
2025 marks a major step forward for the global cryptocurrency market. While 2021 was a testing and foundational phase, 2025 is the year the cryptocurrency market enters its most mature stage, transforming from a virtual asset into a financial and technological infrastructure, reshaping the global financial and economic structure.
Cryptocurrencies are no longer considered merely virtual currencies or virtual assets; most countries are now gradually integrating them into their national economies. Cryptocurrency assets are measured by network throughput, payment value, and the degree of integration with mainstream communication systems and financial business systems.
This report was compiled by a team of cryptocurrency market research and analysis experts, on-chain blockchain evaluators, and unit auditors from #HCCVenture.
This report outlines a comprehensive picture of the overall development of the cryptocurrency market in 2025, and the insights gathered will form the basis for future market trends in 2026.
We thank our partners and collaborators who co-reviewed the report with HCCVenture, including: @HoldstationW, @whatexchange , @Followinvietnam , @LBank_Exchange , @Gate , @KuCoinInst , and @defiapp .
This report, compiled and published by #HCCVenture, aims to provide information, analysis, and research perspectives related to the digital asset market, blockchain technology, and related digital economic sectors. The entire content of this report reflects the professional opinion of the #HCCVenture Research & Advisory Board at the time of publication, based on publicly available data, information, and analytical models that they deem reliable. This report is for informational and research purposes only and does not constitute a proposal, recommendation, or investment advice of any kind. #HCCVenture assumes no responsibility for any investment decisions, transactions, or actions taken based on the content of this report. Readers should assess the appropriateness and tolerability of the risk and consult with professional advisors before making any financial decisions.
On-chain analysis week 23/2026: Short-term selling pressure from retail investors
#Bitcoin briefly declined to the $60,000 price level, triggering a large-scale wave of leveraged liquidations across the derivatives market, but a significant number of whales are accumulating in this area.
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Net Unrealized Profit/Loss (NUPL ) reflects the sharp decline in #Bitcoin's value to 0.14 , the lowest level since the deep correction in early 2023. Compared to the most recent cycle, when this indicator reached approximately 0.62–0.63 at the end of 2024-2025, it has decreased by 77%.
More importantly, NUPL is returning to the range seen during previous cycles' capital reaccumulation phases, indicating that a large portion of speculative profits generated during the earlier growth phase has been absorbed and significantly redistributed.
Observing the historical trends on the chart shows that the period from Q4/2023 to Q3/2025 was the strongest period of profit expansion in the current cycle. During this time, NUPL consistently fluctuated above the 0.50 threshold and repeatedly approached the 0.60-0.63 range.
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Whale money flows continue to dominate the market structure, with the $50,000-$80,000 price range becoming a crucial capital base for the cycle. Data from #HCCVenture shows that Bitcoin is still being led by Big Whale Orders , while the trading volume of retail investors continues to decline significantly compared to previous peak periods.
- The price range of $50,000 to $80,000 is emerging as the primary accumulation zone for large-scale orders, forming a crucial cost of capital base for the entire current market structure.
After #Bitcoin bottomed out around $15,500 in late 2022, whale activity continued to increase sharply throughout 2023 and early 2024. By the time the market reached a new all-time high above $120,000, the majority of liquidity still came from large-scale orders rather than retail capital.
- Institutional capital participation has become the main driving force of the market, significantly replacing the role of retail speculative money that dominated previous cycles.
Having been absent from the market for over a year, these whales have resumed buying #Bitcoin at the Average Cost Price of Big Whale Orders (USD 50,000 to USD 80,000) .
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The Bitcoin Bull–Bear Market Cycle identifies the cyclical state of Bitcoin by combining price momentum, realized profit trends, on-chain capital flows, and long-term cyclical moving averages. This indicator has been consistently in negative territory since the beginning of 2026 and is currently deep within Bear Mark territory .
The 30-day Bull-Bear continues to remain below equilibrium while the 365-day Bull-Bear maintains a downward trend , confirming that capital revaluation remains the dominant driver of the market.
Based on historical data from 2013 to the present, the current structure has many similarities to the medium-term bear market phases that occurred after the peaks of the cycles in 2014, 2018, and 2022, when the market needed a significant amount of time to absorb the accumulated profits from the previous growth cycle.
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During the 2013 cycle, the Mayer Multiple repeatedly exceeded 3.0 and at times approached 5.0. Similarly, the peak of the 2017 cycle and the early part of 2021 also saw strong expansions as the index entered extreme zones.
In contrast, the current cycle is completely different; although #Bitcoin has risen from its low of around $15,500 at the end of 2022 to over $120,000 at the end of 2025, the Mayer Multiple has only fluctuated around 1.8–2.0 times at the highest point of the cycle.
The significant gap between the current level and the 2.4–3.0x range indicates that the market's level of speculation is much lower than in previous bubble phases. In other words, #Bitcoin's growth momentum in this cycle is supported by the expansion of its long-term base value rather than solely based on short-term speculative capital flows.
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Analysis of recovery dynamics after #rsETH and ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 dominated #Defi credit
@aave continues to assert its position as the largest decentralized lending protocol in the DeFi ecosystem. Despite being significantly affected by the #rsETH incident related to #KelpDAO and #LayerZero in April 2026.
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Some other financial data reports are statistically recorded by #HCCVenture:
- Total protocol fees (Fees) reached 56.53 million USD, up 28.63% on a month and up 58.67% on a year.
- Actual revenue (Revenue) reached 7.80 million USD, up 17.39% month-on-month and 49.98% year-on-year.
- $Aave currently accounts for 58.13% of the entire DeFi lending industry.
- GHO currently reaches 532.35 million USD, up 3.47% month-on-month and 138.42% over the same period last year.
- The number of monthly active users reached 116,600 addresses, increasing by 1.75% on a month and by 11.79% on year.
Usually, liquidity stress events will impair the operation of the protocol. However, in the case of $Aave, the increase in volatility has triggered many borrowing activities, rebalancing collateral and liquidating positions, thereby increasing the amount of fees incurred on the system.
Compared to the bear market period in 2023 when monthly revenue only fluctuated around 2 - 3 million USD, the current revenue has increased nearly three times, reflecting that business efficiency is improving significantly.
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The gap with competitors is widening, establishing a unique position in the Lending DeFi market. While many competitors such as #Morpho, #Spark, #Fluid, #Compound, #Euler, #Kamino or #Maple Finance have recorded strong growth in the current cycle, Aave still maintains an outstanding distance and continuously expands its leading position.
At the bottom of the 2023 cycle, Aave's outstanding loan size only fluctuates around 2 - 3 billion USD. However, along with the recovery of the crypto market and the expansion of staking, restaking and stablecoin activities, Aave's Active Loans grew continuously throughout 2024 and 2025. Even after the correction period in early 2026 and the impact of the #rsETH event, Aave's credit scale remains around the area of 13-15 billion USD, about 5 times higher than the lowest level of the previous cycle.
Crypto #ETFs and #ETPs Analysis - April 2026: Position Risk Balance Approaching
The global crypto #ETF market is undergoing a crucial transition from the "land grab phase" to the "consolidation phase," with total AUM at approximately $158.8 billion.
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Overview of the ETFs/ETPs report
The global cryptocurrency #ETF market is entering a crucial transition phase, moving from an early expansionary cycle to a more centralized and institutionally-led structure. Total assets under management (AUM) currently stands at approximately $158.8 billion, with #Bitcoin dominating at around $135 billion (~85% market share), followed by #Ethereum at $21.5 billion (~13.5%), while altcoin #ETFs and ETPs remain relatively small.
More importantly, market control has become highly concentrated in large financial institutions such as #BlackRock, #Fidelity, and #Grayscale, which together manage an estimated 80-85% of total cryptocurrency #ETF assets. This marks a decisive shift from a market led by individual investors to one increasingly shaped by institutional capital allocation and product competitiveness.
From March to May 2026, the cryptocurrency #ETF market experienced significant divergence at the asset level. Bitcoin surged approximately 51%, recovering from around $51,000 to around $77,000, while Ethereum declined by about 22% during the same period.
Conversely, Solana emerged as the strongest-performing primary asset, increasing by over 150% as institutional capital increasingly shifted toward growth assets with higher beta coefficients. Total net inflows during this period reached approximately $4.4 billion, primarily driven by #Bitcoin products, followed by #Ethereum and a smaller but rapidly growing portion from altcoin ETPs.
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Crypto #ETFs and #ETPs Analysis - April 2026: Position Risk Balance Approaching
The global crypto #ETF market is undergoing a crucial transition from the "land grab phase" to the "consolidation phase," with total AUM at approximately $158.8 billion.
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Overview of the ETFs/ETPs report
The global cryptocurrency #ETF market is entering a crucial transition phase, moving from an early expansionary cycle to a more centralized and institutionally-led structure. Total assets under management (AUM) currently stands at approximately $158.8 billion, with #Bitcoin dominating at around $135 billion (~85% market share), followed by #Ethereum at $21.5 billion (~13.5%), while altcoin #ETFs and ETPs remain relatively small.
More importantly, market control has become highly concentrated in large financial institutions such as #BlackRock, #Fidelity, and #Grayscale, which together manage an estimated 80-85% of total cryptocurrency #ETF assets. This marks a decisive shift from a market led by individual investors to one increasingly shaped by institutional capital allocation and product competitiveness.
From March to May 2026, the cryptocurrency #ETF market experienced significant divergence at the asset level. Bitcoin surged approximately 51%, recovering from around $51,000 to around $77,000, while Ethereum declined by about 22% during the same period.
Conversely, Solana emerged as the strongest-performing primary asset, increasing by over 150% as institutional capital increasingly shifted toward growth assets with higher beta coefficients. Total net inflows during this period reached approximately $4.4 billion, primarily driven by #Bitcoin products, followed by #Ethereum and a smaller but rapidly growing portion from altcoin ETPs.
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TOTAL CRYPTO ETF AUM – BY ASSET CLASS (USD)
Since the beginning of April, $BTC's weighting has decreased to 80%, while $ETH's has increased to 10-12%, and Solana/XRP is starting to leverage tangible market share.
When you cross-reference this with previous data – #Bitcoin ETF inflows remain positive at $58.7 billion, but #Solana ETF reached $1.04 billion in a few months and $XRP ETF reached $1.39 billion, the pattern is clear: “ institutions are building "satellite positions" around the core $BTC "
This is precisely the theory behind portfolio construction a core satellite approach with $BTC as the anchor (80%), $ETH as the second tier (10-15%), and altcoins as growth satellites (5-10%).
However, there are also warning signs, with only 36 altcoin products having negligible AUM, meaning there's a gap in market share. Many issuers are wasting resources launching products nobody uses.
A wave of consolidation is expected in December-24 – products that haven't reached $100 million in AUM will end, and issuers will refocus on proven winners ($BTC, $ETH, $SOL, $XRP).