Encryption Industry Development Trends: Interpretation of 5 Key Indicators

The encryption industry is gradually moving towards maturity. At the end of last year, we proposed five key indicators to track the growth and development of the industry. Below is an analysis of the mid-year performance of these indicators, their driving factors, and their significance.

1. Monthly active mobile wallet users: an increase of 23%
2. Adjusted stablecoin trading volume: up 49%
3. Bitcoin and Ethereum ETP net inflows: an increase of 28%
4. Decentralized exchanges account for 51% of spot trading volume.
5. Total transaction fee ( block space demand ): decreased by 43%

In addition, the number of tokens with a monthly net profit exceeding 1 million dollars has reached 22.

1. Monthly Active Mobile Wallet Users: Increased by 23%

Average in 2025: 34.4 million 2024 Average: 27.9 million

Importance Analysis

The wallet infrastructure has significantly improved, transaction fees have decreased, new account abstraction protocol ( EIP-7702) has been released, and embedded wallet products are constantly emerging. This is currently the golden period for creating the next generation of mobile wallets.

It is worth noting that a well-known payment company has recently acquired a leading wallet infrastructure provider.

2. Adjusted stablecoin trading volume: increased by 49%

2025 Monthly Average: 702 billion USD 2024 Monthly Average: 472 billion USD

Importance Analysis

Stablecoins have achieved product-market fit. They can now transfer dollar value at extremely low cost and with very fast speed, making stablecoins excellent payment tools. Large financial institutions are actively embracing this opportunity.

Recently, several payment giants and social platforms have been strengthening their support and integration of stablecoins.

3. Net inflow of Bitcoin and Ethereum ETP funds: 28% growth

June 2025: Total net inflow of 45 billion USD ( BTC 42 billion, ETH 3.4 billion ) End of 2024: Total net inflow of $35 billion (BTC $33 billion, $2.4 billion )ETH

Importance Analysis

Institutional capital is entering the encryption field on a large scale, marking the overall maturity of the industry. With the regulatory framework becoming increasingly clear, coupled with core issuing institutions gradually launching related services, the net inflow of funds into exchange-traded products (ETP) is expected to continue to grow.

Recent updates indicate that U.S. regulators have requested a certain encryption currency ETF issuer to update its application materials, which may signal that this type of ETF is about to be approved.

4. The proportion of decentralized exchanges in spot trading volume: increased by 51%

Average monthly for 2025: 17% Average monthly in 2024: 11%

Importance Analysis

As more users enter the encryption world, the usage ratio of decentralized exchanges is expected to gradually surpass that of centralized exchanges. This growth trend highlights the overall development process of the DeFi ecosystem.

Recently, a large trading platform announced that it will natively support decentralized trading in its application, which will open up trading pairs for thousands of new assets to users.

5. Total trading fees ( block space demand ): decreased by 43%

Average monthly in 2025: 239 million USD Average monthly in 2024: 439 million USD

Importance Analysis

The total transaction fee denominated in USD reflects the total demand for block space on a specific blockchain, which is the actual economic value. However, this metric is influenced by multiple factors, as most projects are committed to reducing user fees.

Therefore, it is particularly important to pay attention to the unit transaction cost, which refers to the cost of consuming a specific amount of blockchain resources. The ideal situation is for the total handling fee to continue to increase while the unit resource consumption cost remains at a low level.

Recently, there has been extensive discussion in the industry about the importance of the index ( and related indicators such as REV).

Additional Focus Indicators

The number of tokens with a monthly net profit exceeding 1 million dollars: as of June 2025, there are 22.

With the implementation of new regulatory environments and market structure regulations, the path for tokens to complete their economic closed loop is gradually becoming clearer. This will drive more projects to directly return value to token holders in the form of profits, thereby building a healthier token economic system.