The year 2025 marked a quiet but profound restructuring of crypto infrastructure: key trends—from the rise of Perp DEX to stablecoins becoming everyday financial utilities—have reshaped the market landscape. Alongside this, sustainable yield models and mass cryptocurrency accumulation by public companies have emerged, impacting liquidity and capital behavior.
Top 5 Cryptocurrency Trends in 2025
Our editorial list highlights five main narratives of the year, each influencing the market and infrastructure differently. This article sequentially explores Perp DEX, cycle shifts, DAT companies, new yield models, and the role of stablecoins to understand the changes behind these trends.
Perp DEX: A Revolution in Derivatives Trading
Perpetual DEXs have become the "quiet workhorses" of the market: monthly trading volumes exceeded $1.2 trillion, reflecting a strong influx of activity into on-chain derivatives. This growth is attributed to technological improvements and new business models that bring trading closer to centralized exchange experiences while retaining decentralization benefits.
Technologies and Players
Platforms have adopted zero-fee models and zk-proof solutions to enhance efficiency and reduce costs, with standout projects including Hyperliquid, Aster, Lighter, and EdgeX. For a detailed analysis of derivatives and their impact on liquidity, see cryptocurrency derivatives, which compiles key market insights.
The End of Bitcoin’s Four-Year Cycle
In 2025, the traditional concept of a strict four-year cycle lost its influence: institutional flows, ETFs, and intermarket correlations are shifting price drivers. The market now depends less on the classic post-halving choreography, changing risk management and capital positioning approaches.
DATs: Companies Holding Cryptocurrency
DAT companies have massively increased their holdings: total DAT market capitalization rose from $40 billion to $150 billion, and the number of public firms with this strategy surpassed 200. This created a new layer of institutional concentration of crypto assets and increased the interconnection between stocks and the crypto market.
Leading the list is Michael Saylor’s Strategy with 660,624 BTC, while Bitmine leads in Ethereum with 3.86 million ETH—large treasuries are reshaping liquidity and valuations. The consequences of such asset concentration are examined in detail in the 2026 market forecast, and the impact on altcoins can be compared with the 2025 altcoins overview.
Yield Models: Transition to Real Profit
Investors and users have started favoring projects that deliver real income: profit distribution, staking, and fee-sharing have displaced purely emission-based schemes. This has strengthened protocols with sustainable economies and disciplined income distribution mechanisms.
Focus has been on projects implementing genuine revenue streams and reliable mechanics: examples of integrations and approaches are seen in Aave, Pendle, and Ethena, making the ecosystem less vulnerable to past model failures.
Stablecoins as Financial Infrastructure
Stablecoins have evolved from purely trading tools to infrastructural money: transaction volume of stablecoins grew by 83% between July 2024 and July 2025, and their total market capitalization exceeded $300 billion. This dynamic reflects increased use of stablecoins in payments, treasury operations, and cross-border transfers.
Tether’s USDT reached a capitalization of $185 billion, and the US passed the GENIUS Act, establishing a federal regulatory framework for payment stablecoins, facilitating participation by banks and approved non-bank issuers, and reducing legal uncertainty.
Why It Matters
For miners in Russia, these trends mean the following: institutional balances and stablecoins are changing the demand profile for BTC and ETH, affecting volatility and price, which directly impacts mining profitability. Meanwhile, technological evolution in derivatives and the rise of "real yield" are shaping a more mature ecosystem where short-term interest spikes become less predictable.
However, these changes do not necessarily require urgent action: much of what is happening reflects capital redistribution and new ways of using cryptocurrencies rather than direct effects on farm operations. It is important to understand that large treasuries and institutional players can shift market dynamics, and regulatory changes simplify the use of stablecoins in transactions.
What to Do?
- Monitor price and costs: regularly review mining costs considering BTC/ETH prices and electricity rates.
- Diversify risks: consider holding part of income in stablecoins or coins with real yield to reduce volatility impact.
- Optimize equipment: analyze ASIC/GPU efficiency and adjust configurations in response to changes in rewards and fees.
- Stay informed on regulation: track local and international changes affecting payments and payouts in stablecoins.
- Study new products carefully: if considering participation in yield protocols, verify income distribution mechanics and model sustainability.
FAQ
Question: How does the growth of Perp DEX affect mining?
Answer: The impact is mainly indirect: increased derivatives activity changes overall market liquidity and can influence the volatility of underlying assets, which in turn affects mining profitability. There is no direct technical effect on farm operations.
Question: Should I hold revenue in stablecoins due to the GENIUS Act?
Answer: The GENIUS Act simplifies the legal status of payment stablecoins in the US, enhancing their role in operations; for miners, holding some revenue in stablecoins may be more convenient for payments and settlements, but the decision depends on your goals and local restrictions.
Question: What is more important for a miner to monitor—DAT companies or yield protocol development?
Answer: Both areas provide valuable insights: DATs show institutional asset accumulation tendencies, while yield protocols reveal which models the market values. Practically, miners benefit from understanding how these factors affect the price and liquidity of mined coins.