AQN Digital Monthly Chart Pack - May 2025

Welcome to this month’s edition of State of the Crypto Markets, where we explore key data, trends, and narratives shaping digital assets.

Highlights from this month’s report:

• Risk Whipsaw: April opened with tariff-driven turbulence but closed strong. Bitcoin and Solana gained 14.8% and 17.2%, while Ethereum continued to lag. Gold rose 5.3%, reinforcing its haven status.

• Monetary Shift: Markets are now pricing five Fed cuts by March 2026, up from just two in January—a dovish shift that typically favors digital assets.

• Stablecoin Shake-Up: Stablecoin supply reached a new record of $240B, with USDC and Solana leading ecosystem growth. Activity also picked up on Polygon, while EUROC gained traction amid MiCA-driven reshuffling.

• Fintech Footprint Expands: Coinbase and PayPal expanded their stablecoin integration with fee-free PYUSD transactions. Meanwhile, Robinhood-backed USDG grew 30%, and DePIN standout Helium surged on an expanded AT&T partnership.

• DeFi & CeDeFi Activity: Aave explores revenue-sharing as GHO stablecoin supply nears $250M. On the CeDeFi side, Maple Finance crossed $1B in loans, showing continued traction for hybrid models.

• Meme Monetization: Like it or not, Pump.fun posted $5M in April revenue and has now generated more than $620M—a striking case study in crypto-native product-market fit.

• Venture Momentum Holds: April saw $3.7B in new deals. M&A led by value, while infrastructure and DeFi topped deal count. CeFi and mining deals added to the capital consolidation trend.

Thank you to our data partners, TradingView, Coinseeker.co, and RWA.xyz, for providing valuable insights.

Let me know if you would like any additional insights or data included in this month’s report.

Best regards,

Sebastien Davies, CFA

Market Strategist
AQN Digital