温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh/57705.html
点击访问原文链接

Grayscale Q3 Research Report: Bitcoin’s Market Cap Reaches a New Height of $3.5 Trillion, Giving Way to “Altcoin Season” | Bee Network

进入原网站 导航首页
Grayscale Q3 Research Report: Bitcoin’s Market Cap Reaches a New Height of $3.5 Trillion, Giving Way to “Altcoin Season” | Bee Network Login 熱門新聞 Meme Launchpad AI 代理商 DeSci 熱門鏈瀏覽器 新人必讀 衝百倍幣 蜜蜂遊戲 必備網站 必備APP 必關大神 DePIN 新人必備 教我避坑 基本工具 深度網站 交易所 NFT 工具 你好， 登出 Web3宇宙 遊戲 DApp 蜂巢 增長平台 生態 搜尋 英語 Coins儲值 登入 下載 Web3大學 遊戲 DApp 蜂巢 生態 家•分析•正文 Grayscale Q3 Research Report: Bitcoin’s Market Cap Reaches a New Height of $3.5 Trillion, Giving Way to “Altcoin Season”分析5 個月前更新懷亞特 21,209 24

原文翻譯：TechFlow

In the third quarter of 2025, all six major 加密貨幣 market sectors experienced positive price returns, but fundamental dynamics varied. Crypto Sectors is a proprietary framework developed in partnership with index provider FTSE/Russell to organize digital asset markets and measure returns. Bitcoin underperformed other crypto market sectors, and its return pattern can be considered an “alt season”, but it is different from previous “alt seasons”. The top 20 tokens in Q3, based on volatility-adjusted price returns, demonstrate the importance of stablecoin legislation and adoption, rising trading volumes on centralized exchanges, and trends in digital asset treasuries (DATs).

Each cryptoasset is related to blockchain technology and shares a basic market structure, but the similarities end there. The cryptoasset class encompasses a wide range of software technologies with applications in consumer finance, artificial intelligence (AI), media and entertainment, and more. To organize the data, Grayscale Research uses a proprietary taxonomy and index series developed in partnership with FTSE/Russell, known as the Crypto Sectors . The Crypto Sectors framework covers six distinct market segments (Exhibit 1). Together, they encompass 261 tokens with a combined market capitalization of $3.5 trillion. [1]

Figure 1: The Crypto Sectors framework helps organize the digital asset market

Measuring blockchain fundamentals

While blockchains are not businesses, their economic activity and financial health can be measured in similar ways. Three key indicators of on-chain activity are users, transaction volume, and transaction fees. Because blockchains are anonymous, analysts often use “active addresses” (blockchain addresses with at least one transaction) as an imperfect indicator of user numbers.

Fundamental indicators of blockchain health showed mixed results in the third quarter (Exhibit 2). On the negative side, the cryptocurrency sector, both for currencies and smart contract platforms, saw a quarter-over-quarter decline in user numbers, transaction volume, and fees. Overall, speculative activity related to Memecoin has declined since the first quarter of 2025, contributing to a decline in transaction volume and trading activity.

Encouragingly, blockchain-based application fees increased by 28% month-over-month. This growth was primarily driven by fee revenue from a handful of leading applications: (i) Jupiter, a Solana-based decentralized exchange; (ii) Aave, a leading lending protocol in the cryptocurrency space; and (iii) Hyperliquid, a leading perpetual futures exchange. On an annualized basis, application-layer fee revenue now exceeds $10 billion. Blockchain is both a network for digital transactions and a platform for applications. Therefore, higher application fees can be seen as a sign of increasing adoption of blockchain technology applications.

Chart 2: Different fundamentals across the cryptocurrency industry in Q3 2025

Track price performance

Cryptoasset returns were positive across all six crypto sectors in the second quarter of 2025 (Exhibit 3). Bitcoin lagged behind other segments, a pattern of returns that can be considered a crypto “alt season”—although unlike other periods of declining Bitcoin dominance in the past. [2] The financial crypto sector led gains, driven by rising trading volumes on centralized exchanges (CEXs), while the smart contract platform crypto sector likely benefited from stablecoin legislation and adoption (smart contract platforms are networks where users use stablecoins for peer-to-peer payments). While all crypto sectors achieved positive returns, the AI crypto sector lagged behind other segments, reflecting a period of subdued returns for AI stocks. The currency crypto sector also underperformed, reflecting the relatively modest gains in Bitcoin’s price.

Chart 3: Bitcoin underperforms the rest of the cryptocurrency market

The diversity of the cryptoasset class means that dominant themes and market leadership frequently shift. Exhibit 3 shows the top 20 index-eligible tokens based on volatility-adjusted price returns in the third quarter of 2025 [3] . The list includes several large-cap tokens with market capitalizations exceeding $10 billion, including ETH, BNB, SOL, LINK, and AVAX, as well as several tokens with market capitalizations below $500 million. The financial crypto sector (seven assets) and the smart contract platform crypto sector (five assets) accounted for the largest share of the top 20 list this quarter.

Chart 4: Top performing assets in the cryptocurrency space by risk-adjusted returns

We believe there are three key themes that have stood out in recent market performance:

(1) Digital Asset Treasurys (DATs): The last quarter has seen a surge in the number of DATs: publicly traded companies holding cryptocurrencies on their balance sheets and as investment vehicles for equity investors. Several of the top 20 tokens are likely to benefit from the creation of new DATs, including ETH, SOL, BNB, ENA, and CRO.

(2) Stablecoin adoption: Another significant theme last quarter was the legislation and adoption of stablecoins. On July 18, President Trump signed the GENIUS Act, a new bill that provides a comprehensive regulatory framework for stablecoins in the United States (see our report “Stablecoins and the Future of Payments ”). Following the passage of the Act, stablecoin adoption accelerated, with the circulating supply increasing by 16% to over $290 billion (Exhibit 4). [4] The primary beneficiaries were smart contract platforms that host stablecoins, including ETH, TRX, and AVAX—with AVAX experiencing significant growth in stablecoin trading volume. Stablecoin issuer Ethena (ENA) also experienced strong price returns, despite the fact that its USDe stablecoin did not meet the requirements of the GENIUS Act (USDe is widely used in decentralized finance, and Ethena has launched a new stablecoin that does). [5]

Chart 5: Stablecoin supply growth this quarter, led by Ethereum

(3) Rising exchange trading volume: 交換s were another major theme, with August trading volume on centralized exchanges reaching its highest level since January (Chart 5). [6] The increase in trading volume appears to have benefited several assets associated with centralized exchanges, including BNB, CRO, OKB, and KCS, all of which are in the top 20 (in some cases, these assets are also linked to smart contract platforms). [7]

Meanwhile, decentralized perpetual swaps continue to maintain strong momentum (for background information, see “DEX Appeal: The Rise of Decentralized Exchanges ”). Leading perpetual swap exchange Hyperliquid has seen rapid growth, ranking in the top three in fee revenue this quarter. [8] Smaller competitor DRIFT has broken into the top 20 cryptocurrencies after a significant increase in trading volume. [9] Another decentralized perpetual swap protocol, ASTER, launched in mid-September and grew from a $145 million market cap to $3.4 billion in just one week. [10]

Chart 6: CEX perpetual contract trading volume reached its highest level of the year in August

In the fourth quarter, returns in the cryptocurrency sector were likely driven by a number of different themes. First, following the bipartisan passage of the bill by the House of Representatives in July, the relevant U.S. Senate committees have begun work on legislation for the cryptocurrency market structure. This represents comprehensive financial services legislation for the cryptocurrency industry and could serve as a catalyst for its deeper integration with the traditional financial services industry. Second, the U.S. Securities and Exchange Commission (SEC) has approved universal listing standards for commodity-based exchange-traded products (ETPs). [11] This could lead to an increase in the number of crypto assets available to U.S. investors through ETP structures.

Finally, the macroeconomic environment is likely to continue evolving. Last week, the Federal Reserve approved a 25 basis point interest rate cut and hinted at two more cuts later this year. All else being equal, crypto assets are expected to benefit from Fed rate cuts (as they reduce the opportunity cost of holding non-interest-bearing currencies and support investor risk appetite). Meanwhile, a weakening US labor market, elevated stock market valuations, and geopolitical uncertainty could all be seen as sources of downside risks in the fourth quarter.

Index meaning:

FTSE/Grayscale Crypto Sectors Total 市場 Index: This index measures the price returns of digital assets listed on major global exchanges, providing a reference for overall crypto market trends. FTSE Grayscale Smart Contract Platforms CryptoSector Index: This index is designed to assess the performance of crypto assets that support the development and deployment of smart contracts, which serve as the underlying platforms for self-executing contracts. FTSE Grayscale Utilities and Services CryptoSector Index: This index focuses on measuring the performance of crypto assets designed to provide real-world applications and enterprise-grade functionality. FTSE Grayscale Consumer and Culture CryptoSector Index: This index assesses the performance of cryptoassets that support consumption-centric activities across a wide range of goods and services. FTSE Grayscale Currencies CryptoSector Index: This index measures the performance of crypto assets that have one of three core functions: store of value, medium of exchange, and unit of account. FTSE Grayscale Financials CryptoSector Index: This index specifically evaluates the performance of crypto assets that aim to provide financial transactions and services.

[1] Source: Artemis, Grayscale Investments. Data as of September 23, 2025.

[2] Altcoins are crypto assets with a market capitalization lower than Bitcoin.

[3] To be included in the cryptocurrency space, a token must be listed on a minimum number of eligible exchanges and meet minimum market capitalization and liquidity thresholds.

[4] DeFiLlama, data as of September 22, 2025.

[5] Grayscale Investments

[6] The Block, data as of September 22, 2025.

[7] Certain exchange tokens also benefited from unique factors. For example, OKX announced a token buyback and burn program, with $26 billion worth of tokens destroyed. Source: 街區 .

[8] Artemis, data as of September 22, 2025.

[9] 挑戰者

[10] CoinMarketCap, data as of September 23, 2025. ASTER was launched too late to be included in the cryptocurrency industry index.

[11] 來源： U.S. Securities and Exchange Commission .

本文源自網路： Grayscale Q3 Research Report: Bitcoin’s Market Cap Reaches a New Height of $3.5 Trillion, Giving Way to “Altcoin Season”Recommended Articles

Related: Do Kwon, the first catfish in the stablecoin industry, is “defending his rights” to recover the money for his house purc Compiled by Odaily Planet Daily ( @OdailyChina ); Translated by Azuma ( @azuma_eth ) Editor’s note: The man who once shook up the world of stablecoins is now embroiled in a legal dispute over recovering the money for his home purchase. As one of the most famous names in the last bull market, Do Kwon launched the algorithmic stablecoin UST, which once had an issuance volume of over 10 billion US dollars. At the peak of LUNA, his net worth was also in the billions. But everything has been shattered. Today, Do Kwon is facing multiple charges of fraud in the United States, Singapore and other places. Recently, it was revealed by the media that he is seeking to recover half of the purchase price he paid before the collapse…

#分析#比特幣# 加密# 脫機#以太坊#交換#市場#代幣© 版權聲明文章版权归作者所有，未经允许请勿转载。 上一篇 Still Falling? Crypto Market Sees Epic Turnover and Sell-Off After FOMC 下一篇 From Missing Bithumb to Acquiring Upbit: The Evolution of Naver’s Cryptocurrency Ambitions 相關文章 120,000 Bitcoins Hijacked? Web3 Lawyers Provide In-Depth Analysis of the Regulatory Dilemmas Behind the “Prince Group” C 6086cf14eb90bc67ca4fc62b 17,309 BTC突破$8.9萬，MicroStrategy比特幣持股浮盈約$129億 行政 67,270 86 After the tide recedes, let’s talk about the differences between Meme and Build 6086cf14eb90bc67ca4fc62b 18,345 2 Huobi Growth Academy | Crypto Market Macro Research Report: The signal of the alt season has emerged, and institutional 6086cf14eb90bc67ca4fc62b 29,741 1 Cryptocurrency regulatory power restructuring: CFTC may take full control of the spot market, SEC focuses on securities 6086cf14eb90bc67ca4fc62b 17,337 2 DAT (Digital Acid) leaders are all offering discounts; which one presents a genuine opportunity to buy at the bottom? 6086cf14eb90bc67ca4fc62b 16,012 暫無評論 您必須先登入才能發表評論！ 立即登入 暫無評論... Bee.com 全球最大的 Web3 入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko 幣活 盔甲 下載Bee Network APP開啟您的Web3之旅 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 下載蜜蜂網路APP 並開始 web3 之旅 全球最大的Web3入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 搜尋 搜尋站內鏈上社群媒體新聞 熱門推薦： 擼毛打金 數據分析 必關大神 教我避坑 繁體中文 English 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 繁體中文

智能索引记录