Overview
- Ethereum and layer-2 transactions set new highs in late December, and Q4 smart-contract deployments reached about 8.7 million even as ETH fell roughly 29% and BTC dropped about 23.5%.
- Stablecoin market value rose past roughly $300 billion by year-end with transfer volumes at records, and decentralized exchange activity expanded, with Uniswap at times exceeding Coinbase’s volume.
- Bitwise and other trackers reported crypto-native revenues outpacing many sectors in 2025, indicating growing real-world use despite weak token performance.
- Reporting links much of 2025’s decline to heavy October liquidations and macro pressures such as tariff announcements and interest-rate uncertainty.
- Analysts remain divided for 2026, with Fundstrat warning of a bumpy stretch while VanEck points to potential tailwinds from U.S. regulatory progress, broader ETF access, and possible policy changes.