Crypto Market Review (Q4 2025)
This is the most important quarterly report we’ve ever published.
Why? Because it reveals a tension in crypto markets that has historically signaled a bear-market bottom.
Consider that, during Q4 2025:
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ETH’s price fell 29% … at the same time that Ethereum transactions hit new all-time highs.
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Crypto equities fell 20% … while crypto company revenues were on pace to grow 3x faster than any other sector.
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Sentiment turned sharply bearish … while stablecoin AUM and transactions soared to new heights.
That’s the kind of divergence you get at the bottom of bear markets, when sentiment is down but fundamentals are up. The last time we had such high-contrast data was Q1 2023—after which crypto prices soared for the next two…
