📰Today, we are very excited to release the crypto industry research report for the first half of 2025. The following are the core points of this report:
1⃣In H1 2025, the total financing amount in the crypto primary market reached $7.75 billion, a year-on-year increase of 40.17% and a quarter-on-quarter increase of 77.75%. There were 547 financing events, with an average of 91 per month, a continuous decline in number, showing trends of concentrated large-amount financing, active M&A, and a shift in sector preference towards CeFi, with capital flowing to the secondary market.
2⃣Market hot money is moving towards U.S. stock concepts. The top four rounds by financing amount in H1 were driven by institutional activities (M&A/Pre-IPO/IPO/Private Placement), significantly surpassing the seed to A-round financings that were previously popular in crypto venture capital, especially in DeFi and infrastructure.
3⃣Ethereum Ecosystem’s total financing amount reached $1.63 billion, firmly maintaining its leading position among Blockchains, but emerging Blockchains significantly surpassed Ethereum in application growth rate. Monthly active developers dropped to a low of approximately 21,800 in January, the lowest in nearly 4 years, but rebounded to 29,700 by mid-year. Community-driven technological innovation is compensating for the financing gap.
4⃣Binance Alpha transformed BNB Chain into a CEX-DEX testing ground, with its DEX trading volume share across the entire network increasing from 12% to 49%. The Alpha points system, by setting different score and tier thresholds, serves as a governance weight allocation mechanism for Binance and the BNB ecosystem, successfully exploring new paths for Binance Listing and VC exits. Unannounced financing projects on Binance Alpha accounted for 56.5%, with a total market capitalization of $8.69 billion, while previously financed projects had a total market capitalization of only $6.23 billion, and projects with a financing valuation history and excellent performance were less than 25%.
5⃣Wall Street’s darling, Circle, with $2.2 billion, became the project with the highest IPO financing amount. The stablecoin and RWA sectors gained Wall Street’s recognition, injecting strong momentum into the mainstreaming process of the entire industry.
The full report is available at:
rootdatalabs.medium.com/2025…