Overview
- Andreessen Horowitz’s State of Crypto 2025 frames the industry as moving from niche experiment to integrated finance, calling this year a decisive institutional turn.
- Market gauges cited in the report include a total crypto capitalization above $4 trillion and Bitcoin surpassing $2 trillion with fresh record highs.
- Exchange‑traded products now hold roughly $170–175 billion on‑chain, led by BlackRock’s iShares Bitcoin Trust with more than $91 billion in BTC.
- Stablecoin activity is reported at volumes approaching Visa and ACH throughput, with Circle completing a high‑profile IPO and its market cap topping $50 billion.
- Cited drivers of adoption include U.S. policy moves such as the GENIUS Act, the CLARITY framework and Executive Order 14178, alongside rising developer counts (~40,000) and mobile wallet users (~60 million).