What to Know:
- ETH and BNB led the Q3 surge, hitting record highs and driving strong market momentum.
- Stablecoins hit a new $287.6B market cap, showing rising liquidity and investor trust.
- Institutional inflows pushed the total crypto market cap past $4T, the highest since 2021.
The latest Q3 2025 Crypto Industry Report from CoinGecko reveals a powerful resurgence across the crypto market. Key players like Ethereum (ETH) and BNB posted massive gains, and stablecoins also hit record highs. Behind it all is renewed money from institutions, rising trading activity, and stronger confidence returning to the space.
During Q3, the total value of all cryptocurrencies jumped +16.4%, adding about $563.6 billion to reach a $4.0 trillion market cap, the strongest level since late 2021. Average daily trading volume also revived strongly. It climbed about +43.8% quarter over quarter to hit $155.0 billion per day. These moves suggest not just speculators returning, but also deeper capital flows from institutions and traders getting confident again.
ETH & BNB: Stars of the Quarter
Ethereum soared in Q3. It began the quarter around $2,502 and spiked up to a peak near $4,946 before settling at $4,215 for the quarter’s close. That’s a gain of +68.5% in just three months. The price of ETH jumped to a new all-time high of $4,946 in August. However, this was followed by a retracement back towards $4,000. ETH did better than other major currencies like BTC, SOL, and XRP this quarter. In August, it hit a new all-time high of $4,946.
BNB also did very well. It went up 57.3% and ended the quarter at about $1,030. Even though it ended the quarter at an all-time high of $1,048, BNB kept going up and hit a new ATH of $1,369 in Q4. BNB’s rise was helped by its place in Binance’s ecosystem. The run was fueled by the addition of DeFi tools, closer ties with decentralized platforms, and trading pairs inside Binance. These gains weren’t just for one person. The rise affected the whole market, but it had the biggest effect on sectors related to ETH and BNB’s ecosystems.
Stablecoins Break New Ground
Stablecoins also had a strong showing. Their combined market cap rose +18.3% in Q3, adding about $44.5 billion to hit $287.6 billion, a new high. Among stablecoins, USDe saw the biggest percentage growth, increasing its share strongly and pushing past some rivals, growing its market cap by +177.8% or $9.4 billion.
Meanwhile, Tether’s USDT, despite growing in dollar terms (adding ~$17 billion), saw its overall market share dip a bit because competitors were expanding faster.
Stablecoins act as the “liquid money” of crypto when prices move fast, people move into stablecoins for safety. Their growth signals that demand for more stable, less volatile crypto assets is also rising. After the US Genius Act passed this quarter, stablecoins will only become stronger and more valued.
DeFi Rebounds and Exchange Volumes
DeFi came back in a big way. TVL in DeFi protocols jumped +40.2% in Q3, helping the sector regain influence among crypto categories.
Spot trading on CEXs increased +31.6% to about $5.1 trillion in volume over the quarter. That shows people were more active again in markets that feel familiar and liquid. Meanwhile, perpetual contract trading on DEXs hit records too, with $1.8 trillion in volume, and newer platforms like Aster, Lighter, and edgeX pushing into view.
Powering This Rise?
Institutional investors and big treasury funds are returning to crypto in full swing. This renewed capital has also boosted confidence across the market, driving strong momentum in core chains like ETH and BNB, whose impressive runs have lifted surrounding sectors.
Even Bitcoin (BTC) joined the rally, hitting a fresh all-time high this quarter, reinforcing crypto’s strength as an asset class. Meanwhile, stablecoins are showing steady growth all around the world, a clear sign that liquidity is flowing and investors want safe, dependable options to park their funds during volatile periods. At the same time, DeFi and exchange innovation continue to expand, with new trading venues, integrated protocols, and rising adoption creating more efficient ways for capital to move through the ecosystem.
Final Thoughts on CoinGecko’s Report
CoinGecko’s Q3 report paints a positive picture, showing that crypto is becoming more active again, and not just for a short time. ETH and BNB were the first to take the lead, but stablecoins are slowly becoming the main way the ecosystem stores value and deals with volatility.
If this momentum holds, we may be entering a phase where crypto isn’t just about big upside swings but also more structure, depth, and participation.
Also Read: Bitcoin Stays Still Despite Trump’s New ‘Trade War’ Remark
