Bitwise’s take on the final months of 2025 reads like a careful, hopeful note rather than a loud market call. Momentum on the chains rose even as prices stalled, and that gap is exactly what has traders talking. Some think it marks a bottom. Others say it’s too soon to be sure.
Crypto: On-Chain Activity Surges
According to Bitwise, Ethereum activity and layer-two transactions climbed to new highs, and decentralized trading grew markedly. Stablecoin supplies also swelled, with the total market cap passing the $300 billion mark in Q4.
Reports note that decentralized exchange volumes at times matched or exceeded those of major centralized venues. These are hard numbers. They are signs that real use and liquidity are expanding under the surface.
The latest Bitwise Crypto Market Review just dropped—and it’s the most important one we’ve ever published.
Why? Because it shows a tension in crypto markets that has historically signaled a bear-market bottom (see Q1 2023).
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