Q1 2025 can be summed up in one word: frustrating. The first pro-crypto president took office—and crypto prices dropped sharply. So, where does crypto go from here? Our latest quarterly report aims to provide some answers. While prices disappointed, several areas showed impressive momentum: Stablecoin AUM surged to an all-time high of over $218 billion, up more than 13% quarter-over-quarter. Tokenized real-world assets went parabolic in Q1, growing 37% quarter-over-quarter to a new all-time high. Regulated bitcoin futures trading volume and open interest also hit record highs, suggesting growing institutional interest in crypto as a macro trading asset. For an in-depth look at these Q1 developments and a glimpse into what’s next, check out the latest Capital Limited Crypto Market Review—featuring over 60 charts and tables.
Matt Hougan