Binance Research Report: Crypto Market Value Exceeds $4 Trillion by 2025, ETF Net Inflow Exceeds $21 Billion

The 2025 annual report released by Binance Research shows that the total market value of cryptocurrencies exceeded $4 trillion for the first time in 2025, but closed the year down about 7.9%. Bitcoin hit a historic high this year before falling back, underperforming gold and the US stock market. Institutional holdings have significantly increased, with a net inflow of over $21 billion for ETFs throughout the year. The market value of stablecoins has grown to over $305 billion, DeFi has achieved record profits and is moving towards institutionalization, and the total lock up volume (TVL) of real assets on the chain (RWA) has reached $17 billion, surpassing decentralized exchanges (DEX).