The crypto market staged a strong recovery in Q2 2025, with Bitcoin (BTC) leading the rally and decentralized exchanges (DEXes) hitting record highs, even as centralized exchange (CEX) volumes slumped according to CoinGecko.
BTC dominance climbed 3 percentage points during the quarter, bringing its market share to 62.1%, up 7.6 points year-to-date. Capital inflows largely favoured Bitcoin over altcoins, while Ethereum (ETH) inched up 0.8 points to 8.8%, the only top-seven altcoin to gain market share. The “Others” category, which includes smaller tokens, dropped 2 points to 13.7%, underscoring the ongoing weakness in the broader altcoin market.
Crypto bounced back hard in Q2 2025 ????
In this video, we cover key findings from our latest Crypto Industry Report. Most notably, $BTC’s new ATH, rising $ETH ETF inflows, and surging DEX volumes.
Watch the full video: https://t.co/jGe7SPIldO pic.twitter.com/xAlXeGDMgW
— CoinGecko (@coingecko) August 4, 2025
ETH posted a 36.4% quarterly price increase, rising from $1,805 to $2,488, outperforming BTC, SOL, XRP, and BNB. However, it remains below its 2025 opening price of $3,337. Despite this rebound, ETH’s daily trading volume slipped to $19.5 billion from $24.4 billion in Q1, while average gas costs fell to 3.5 Gwei, and daily transactions rose to 1.3 million.
One of the biggest market catalysts was Circle’s NYSE IPO on June 5. The offering was oversubscribed by more than 25x, and its stock (CRCL) soared 864.5% from its $31 IPO price to $298.99, fueling optimism for other potential crypto-related IPOs, including Kraken, Gemini, and Grayscale.
Despite market bullishness, CEX spot trading volumes fell 27.7% to $3.9 trillion. Binance retained its lead, while MEXC, HTX, and Bitget posted modest growth. Meanwhile, Crypto.com suffered a 61.4% drop, slipping to eighth place.
In contrast, DEX trading volumes jumped 25.3% to $876.3 billion, pushing the DEX-to-CEX ratio to an all-time high of 0.23. PancakeSwap dominated with a 539.2% surge, capturing 45% of the DEX market. Perpetual DEX volumes also hit a record $898 billion, driven by Hyperliquid’s 72.7% market share.
Notably, another report by CoinGecko revealed a growing openness among crypto enthusiasts to involve artificial intelligence (AI) in managing their digital assets despite lingering concerns over security and trust.
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