AQN Digital Monthly Chart Pack - January 2025

Happy New Year! As we kick off 2025, I’m excited to share the latest edition of State of the Crypto Markets, where we dive into the key market trends and metrics and reflect on the broader landscape as we move into the new year.

Highlights from this edition:

• Despite a 3.23% dip in December, BTC closed the year up 120%, cementing its position as the top-performing global asset.

• Ethereum spot ETFs ended December on a stronger note, contrasting with Bitcoin’s significant mid-month redemptions.

• Total Value Locked (TVL) rebounded strongly in Q4, with platforms like Berachain generating significant attention for 2025.

• Public blockchains generated nearly $6.5B in fees in 2024, reinforcing the robust economic activity in the space.

• Stablecoin supply surpassed $200B in December, underscoring their status as crypto’s “killer app.”

• Q4 saw over $7B in early-stage crypto deals, nearly matching the rest of 2024’s activity—a bullish signal for infrastructure and DeFi innovation, which saw the largest capital flows.

Please let us know what you think. We're always interested in receiving your feedback and questions. Thank you to our data partners, TradingView, Coinseeker.co, and RWA.xyz.


All the best,

Sebastien Davies, CFA

Market Strategist
AQN Digital