2025

The CV VC annual report shows that the Swiss Crypto Valley raised $728 million through 31 transactions, a year-on-year increase of 37%, accounting for 47% of the total European blockchain venture capital. The report states that global blockchain venture capital grew by 30% to $15.5 billion, with 986 transactions. One transaction played a key role, with The Open Network leading with $400 million in funding, followed by Sygnum Bank ($58 million), M0 ($40 million), Impossible Cloud Network ($34 million), and CratD2C ($30 million).Blockchain networks attracted 62% of the funding, infrastructure accounted for 14%, and centralized financial services and DeFi applications each accounted for 10%. The Crypto Valley currently has 1,766 active blockchain companies, a growth of 134% since 2020. Despite the increase in funding, the valuation of the top 50 in the Crypto Valley has dropped to $467 billion, and the number of unicorns has decreased from 17 to 10, mainly due to the market weakness at the end of the year causing six token projects to see their valuations fall below the $1 billion threshold, and 21Shares leaving the ecosystem after being acquired by FalconX.

Analyst Markus Thielen stated that the fund flow into Bitcoin ETFs has recently turned positive again and is expected to achieve net inflows for the second consecutive month, indicating an improvement in market sentiment.Data shows that the current fund flow trend is highly similar to that of the same period in 2025. At that time, the fund inflow was relatively smooth at the beginning of the year, but then there was a concentrated inflow of about $30 billion, which drove Bitcoin to continue rising in the following months.Analysis suggests that the recent fund inflow indicates that the market has gradually digested the previous selling pressure, marking the first net inflow since March, which may provide support for future market trends.

According to the FBI's 2025 Internet Crime Report, losses related to cryptocurrency fraud reached a record $11.366 billion, an increase of 22% compared to 2024. Among the 181,565 related complaints received, the elderly population aged 60 and above reported losses of $4.4 billion, accounting for nearly 40% of the total loss amount.Cryptocurrency investment fraud remains the primary source of losses, involving amounts of $7.2 billion. Losses from cryptocurrency ATM and kiosk scams amounted to $389 million, a year-on-year increase of 58%. Additionally, complaints involving AI reached 22,364, with losses totaling $893 million, of which approximately $658.7 million was related to cryptocurrency. In regional statistics, California topped the list with cryptocurrency-related losses of $2.099 billion.

CryptoQuant analyst Amr Taha stated that the inflow of Bitcoin whales on the Binance platform has fallen below $3 billion for the first time since June 2025. The 30-day realized market value change for long-term holders (LTH) rebounded to $49 billion on April 9, marking the second time it has returned to this level since March 26.In contrast, the 30-day realized market value change for short-term holders (STH) dropped to -$54 billion, marking the third time it has fallen below -$50 billion since March 2.Overall, these data indicate that weak holders are still distributing Bitcoin, while long-term holders are re-entering to absorb the supply.

According to Gate market data, the S&P 500 Energy Index fell by 5.5%, marking the largest decline since April 2025.

According to PR Newswire, digital asset fintech company DeFi Technologies (Nasdaq: DEFT) announced its audited financial report for the fiscal year 2025.The company achieved a total revenue of $99.1 million for the year, a year-on-year increase of 215%; net profit was $62.7 million, an improvement of $90.3 million year-on-year. Among them, the asset management subsidiary Valour had an average AUM of $809.9 million for the year, with net inflows of $110.1 million in ETP products; the institutional trading platform Stillman Digital contributed $9.6 million in trading commission revenue, a year-on-year increase of 355%.As of the end of 2025, the company's cash and stablecoin balance was $113.8 million, digital asset reserves were approximately $35.5 million, the venture capital portfolio was valued at approximately $29.4 million, and total asset value was approximately $178.7 million.

The Uniswap Foundation released an unaudited financial summary as of December 31, 2025. By the end of 2025, the foundation holds $49.9 million in cash and stablecoins, 15.1 million UNI, and 240 ETH (valued at approximately $85.8 million at the time).In terms of grant commitments and incentives, a total of $106.2 million has been allocated. Among them, $87.5 million is for pending grant commitments, and $18.7 million is reserved for previously committed grants, awaiting distribution. An additional $26.3 million is allocated for operating expenses and employee rewards.In the fiscal year 2025, the foundation's total operating expenses amounted to $9.7 million, excluding 450,000 employee rewards distributed in UNI tokens. The foundation also obtained 20.3 million UNI tokens from the Uniswap treasury through the Uniswap Unleashed proposal (valued at approximately $11.4 million at the end of the year). Additionally, the foundation earned $1.7 million in interest income from its fiat holdings.

The global stablecoin payment and trading platform OSL Group announced its annual performance for the year ending December 31, 2025. The company's core operating revenue was HKD 534 million, a year-on-year increase of 150.1%; total revenue was HKD 489 million, a record high, with a year-on-year increase of 30.4%; the total trading volume on the platform was HKD 201.22 billion, a year-on-year increase of 200.7%. By region, revenue was divided with Hong Kong accounting for 33% and overseas accounting for 67%.

According to Jinshi, Federal Reserve's Williams stated that the interest rate cuts by the Federal Reserve in 2024 and 2025 are very constructive.

According to a report by South Korean media Decenter, Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, has released its annual performance report for 2025, showing a decline in both revenue and profit.According to the consolidated financial statements, Dunamu's operating revenue for 2025 was 1.56 trillion won, a year-on-year decrease of 10.0% (compared to 1.73 trillion won in the same period last year); operating profit was 869.3 billion won, a year-on-year decrease of 26.7% (compared to 1.18 trillion won in the same period last year); net profit was 708.9 billion won, a year-on-year decrease of 27.9% (compared to 983.8 billion won in the same period last year).Reports indicate that the decline in performance is mainly attributed to the shrinking trading volume in the cryptocurrency market against the backdrop of a global economic downturn. Dunamu's revenue structure is highly concentrated on trading fees, which accounted for 98.26% of total revenue in 2025.

According to Bloomberg, the total amount of private financing in the cryptocurrency sector increased from nearly $13 billion in 2024 to $20.4 billion in 2025, but it is still below the peak of $27.6 billion in 2022.The two main areas of private financing are "investment and trading infrastructure" and "brokers and exchanges" (i.e., financial applications). Payment infrastructure ranks third. The total amount of funds raised by cryptocurrency payment companies is expected to soar to $2.6 billion in 2025, surpassing the total raised over the past three years. Given the recent acquisition of BVNK by Mastercard, this figure is expected to grow further this year.In contrast, blockchain gaming financing plummeted from $3.76 billion in 2022 (accounting for about 14% of the total) to 2025, no longer being reported as a separate category. Web3 dApps raised $5.2 billion in 2022. However, in the 2025 report, the dApp category focused solely on consumer applications received only $864 million in financing.

According to The Block, digital asset management company CoinShares released a report indicating that Bitcoin miners are facing ongoing pressure to break even while accelerating their transition to AI. CoinShares' research director James Butterfill noted that the weighted average cash cost for publicly listed mining companies to mine one Bitcoin in the fourth quarter of 2025 has risen to approximately $79,995.The price of computing power has further dropped from $36 to $38 per PH/s/day to about $28 to $30 in the first quarter of 2026, meaning miners are still under more pressure. The report also pointed out that a triple negative difficulty adjustment at the end of 2025 is the first since July 2022, with publicly listed miners' Bitcoin reserves decreasing by more than 15,000 coins from their peak, with Core Scientific, Bitdeer, and Riot all having sold, and MARA separately announced the sale of 15,133 Bitcoins on Thursday.Regarding price outlook, Butterfill stated that a rebound in Bitcoin price to $100,000 "is not unrealistic," at which point the price of computing power is expected to rise to about $37 per PH/s/day; if it reaches the previous high near $126,000, it could reach about $59. If Bitcoin remains below $80,000 in the long term, the price of computing power will continue to decline with rising difficulty, but the exit of loss-making capacity may stabilize returns.In terms of the AI transition, Butterfill expects that publicly listed mining companies are rapidly accelerating their shift to artificial intelligence and high-performance computing, driven primarily by the higher and more stable returns in these fields compared to Bitcoin mining. By the end of this year, the revenue share from AI for publicly listed mining companies is expected to rise from the current approximately 30% to as high as 70%.

According to researcher Vadym's analysis, DeFi is expected to generate approximately $8 billion in on-chain revenue by 2025. The largest source is AMM trading fees, accounting for about $4.2 billion, with Uniswap, Meteora, and Raydium making up 62%; lending interest is the second largest source, around $1.76 billion, with money markets like Aave and Morpho contributing over 60% of DeFi's total TVL, although about half of the lending demand is due to cyclical leverage operations.RWA contributes $600 million to $900 million, with U.S. Treasury bonds making up about 41% of the RWA market. Perpetual contract funding rates contribute about $300 million, mainly from Ethena. It is noteworthy that more than half of the stablecoin deposit yields in the Ethereum ecosystem are below U.S. Treasury bond rates. Potential sources of revenue such as insurance underwriting and on-chain options have yet to be fully developed. Analyzing Sky (formerly MakerDAO) as an example, it is pointed out that about 70% of its revenue comes from off-chain assets, reflecting that TradFi revenue is accelerating into DeFi through licensed channels.

The GOOSE-2025 & EGGs-2025 report released by Lido shows that in 2025, Lido faces an APR compression in the Ethereum staking market, with funds flowing from Simple LST to exchanges and institutional staking, as well as intensified competition, resulting in a year-on-year decline in total revenue of 18.2% (a 17.4% decline in ETH terms), with a market share of 24.12% for ETH staking volume.At the same time, the report announced adjustments to the foundation's leadership and stated that in 2026, it will continue to focus on scaling the stETH product line, completing the construction of the validator market, and advancing LDO incentive alignment under treasury surplus constraints.

According to a report by The Block, the Financial Services Commission (FSC) of South Korea has released a report indicating that in the second half of 2025, approximately $60 billion (90 trillion KRW) of cryptocurrency assets from South Korean exchanges will flow to overseas platforms and private wallets, representing a 14% increase from the first half of the year. Regulators believe this may be related to arbitrage activities during market volatility.Meanwhile, despite a 3% increase in the number of users on local exchanges to 11.1 million accounts and a 31% rise in deposits to 8.1 trillion KRW (approximately $5.4 billion), the combined operating profit of 18 exchanges in the second half of 2025 was only 380.7 billion KRW (approximately $253 million), a significant decline of 38% compared to the first half.The total market capitalization of the South Korean crypto market at the end of 2025 is estimated to be around 87.2 trillion KRW (approximately $58 billion), an 8% decrease from the first half of the year. The average daily trading volume also fell by 15% to 5.4 trillion KRW (approximately $3.6 billion), with regulators pointing out that the decline in the prices of major cryptocurrencies at the end of the year was the main reason for the drop in trading volume and profitability.

According to GlobeNewswire, Nasdaq-listed Bitcoin mining company BitFuFu announced its full-year financial results for 2025, with total revenue of $475.8 million, a 2.7% increase from $463.3 million in 2024. In 2025, it recorded a net loss of $57.4 million, while the net profit in 2024 was $54 million. The loss was mainly due to changes in the fair value of digital assets and accounts receivable, as well as impairment of equipment caused by market conditions.In terms of business, BitFuFu's revenue from cloud mining solutions in 2025 was $350.6 million, a year-on-year increase of 29.4%; revenue from self-mining business decreased to $63.1 million. As of December 31, 2025, the company's total mining capacity increased by 11.1% year-on-year to 26.1 EH/s, and the number of Bitcoins held increased to 1,778. The average Bitcoin production cost for self-mining in 2025 was $77,573, compared to $47,496 per BTC in 2024. By the end of 2025, the company held approximately $177 million in cash, cash equivalents, and digital assets.

According to CoinDesk, the market size of tokenized stocks has rapidly grown from less than $100 million at the beginning of 2025 to over $4 billion, showing an explosive expansion trend.

According to The Block, Nasdaq-listed Bitcoin infrastructure company Fold released its 2025 financial report, expecting a net loss of $69.6 million for the year, with an operating loss widening to $27.7 million, and revenue increasing by 34% year-on-year to $31.8 million.Adjusted EBITDA loss was $17.2 million, with an adjusted loss per share of $0.41. The company added 13,000 new customers, bringing the total verified accounts to 84,000, and the total transaction volume for the year increased by 46% to $960 million. To simplify its balance sheet, the company paid over $9.6 million to settle two outstanding convertible bonds.Fold recently launched its enterprise service Fold For Business and a Bitcoin rewards credit card, offering up to 4% BTC cashback. The CEO stated that the credit card will significantly expand the addressable market. Fold currently holds 1,527 Bitcoins, and as of the time of writing, its stock price has dropped 61% year-to-date.

The Arbitrum Foundation released the 2025 Transparency Report, indicating that traditional finance will accelerate on-chain adoption in 2025, pushing the ecosystem into the institutional adoption phase. The report shows that 189 ecosystem collaborations were approved throughout the year, covering areas such as DeFi, infrastructure, and consumer applications.The report points out that Arbitrum is evolving from an L2 solution into a comprehensive blockchain platform with a sustainable economic model: in terms of institutional adoption, Robinhood has launched tokenized stocks and ETFs on Arbitrum, expanding to nearly 2,000 assets within six months; institutions including Franklin Templeton and WisdomTree are also increasing their investments, driving the on-chain RWA scale to grow sevenfold year-on-year, surpassing $800 million.In terms of network data, Arbitrum has accumulated over 2.1 billion transactions, with a total locked value of approximately $20 billion, stablecoin supply growing by 80% year-on-year, peaking close to $10 billion, and the number of ecosystem projects exceeding 1,000. Additionally, the Arbitrum chain ecosystem continues to expand, with over 100 chains launched or in development.In terms of infrastructure and governance, Arbitrum is advancing the ArbOS upgrade, BoLD verification mechanism, and Stylus development environment, and is expanding DAO revenue sources through mechanisms like Timeboost, which generated over $6 million in revenue for the DAO in its first year.