Crypto Fundamentals Hit Records in Q4 2025 as Prices Lagged
Crypto markets ended 2025 with a paradox: prices declined while usage metrics surged to all-time highs.
Bitwise’s latest research data show ETH dropped 29% in Q4 2025, even as Ethereum transactions reached new peaks. The asset manager’s CIO, Matt Hougan, noted that this disconnect has appeared before at major inflection points. Markets often bottom when participants lose interest just as adoption quietly improves.
The divergence is striking. Crypto equities fell 20% in 2025 while industry revenues grew at triple the rate of any other sector. Bitwise’s Q1 2025 review documented Ethereum’s 45% price decline alongside a 30.14% surge in transaction volume and tokenized real-world assets hitting all-time highs.
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