Hodl Up! Your weekly crypto catch up: Week 26 '25
BlackRock's $IBIT Bitcoin ETF becomes their biggest ETF yet, some numbers to instil hope into 2025's dead retail crypto scene and why data shows we are past the meme craze of 2024.
If you all think that Crypto is as quite as a graveyard in 2025, I wouldn’t blame you - I feel the same. But I saw some numbers on X that filled me with some hope. Some hope that maybe things are not that bad; some hope that one day I’ll be able to pay using stablecoins at my local coffee shop.
In a very positive news for institutional crypto play - IBIT has now become BlackRock’s biggest ETF by fee revenues. ETFs have had a huge role to play in the multiple ATH’s that Bitcoin has made since last January and its good to see that they are doing well too (since that leads the way for other asset ETFs).
And finally, is it time for utility season? After the middle east crisis resolution and the FED cuts now on the cards - could we finally have the altseason we’ve so desperately been waiting for?
NOTE: NOTHING EVER MENTIONED IN ANY OF OUR CRYPTO TALK’s POSTS/NEWSLETTERS/CONTENT IS FINANCIAL ADVICE. ALWAYS DO YOUR OWN RESEARCH.
Retail Is Here - At Least More Than 2024
This was an amazing report assembled by my friend Stacy Muur that I just had to share today.
Something is happening, slowly but gradually: people are actually using crypto again. Not just trading, not just speculating—but transacting, exploring, and showing up.
Let’s start with wallets: a humble yet powerful indicator. According to the data, mobile wallet users are up 23% year-over-year, clocking in at 34.4 million monthly active users in 2025. That’s a cool 6.5 million more humans pressing buttons on their phones and saying, “Yes, I would like some decentralized finance with my morning coffee.” It might not be full-blown mainstream, but it’s a long way from the ghost town vibes of early 2023.
Part of this is thanks to infrastructure finally catching up to ambition. Wallet tech is no longer built just for crypto-native developers and masochists.
But it’s not just wallets.
DEX-to-CEX Spot Volume: The Decentralization Dividend
We’ve also got serious movement in decentralized trading. The DEX-to-CEX spot trading volume ratio is up 51% YoY, with DEXs now handling 17% of total spot volume, up from 11% in 2024. Translation: DeFi is becoming less of a hobbyist playground and more of a legitimate trading venue.
As more users (and assets) move on-chain, the tools to trade directly without middlemen, are gaining traction.
Coinbase adding native DEX support in its app also helps. When the most "normie-friendly" exchange gives users direct access to DEXs, the message is clear: decentralization isn't just a principle anymore; it’s becoming a product feature.
Stablecoin Volume: The Silent Killer App
Next up: stablecoins. These quiet workhorses of crypto have seen a 49% increase in transaction volume YoY, hitting a staggering $70 billion per month in 2025, compared to $47B in 2024. The product-market fit for stablecoins as fast, cheap, borderless money is no longer hypothetical—it’s happening. Whether it’s Circle going public, Stripe acquiring stablecoin infra startup Bridge, or Meta poking around stablecoin payouts, the signals are undeniable.
Think about it: stablecoins are one of the few parts of crypto that don’t need a bull market to justify their existence. They just need people sending money, something the world does a lot of.
And once the GENIUS bill passes in the US, I think this is the space to really look out for - it’ll boom like nothing else we’ve ever seen. Okay, maybe not Bitcoin.
Total Transaction Fees: Down 43%, But That’s Not a Bad Thing
At first glance, the 43% drop in total transaction fees (from $439M/month to $239M/month) might seem alarming. Fewer fees? Must mean less usage, right?
Not quite.
This drop actually reflects something positive: transaction costs are falling. Efficiency is up. Blockspace is being used more wisely. We’re moving toward a healthier ecosystem where more activity happens without breaking the bank. As the report puts it: healthy ecosystems balance high aggregate demand with low per-transaction costs, and that’s exactly what’s beginning to emerge.
Fees still remain a proxy for on-chain economic activity, but the future may not be about charging more. It’s about scaling smartly and sustainably.
Bonus Round: Tokens With Real Revenue
Here’s something to cheer about: 22 tokens now generate more than $1 million in monthly revenue. That might seem like a small number in a space with thousands of coins, but it’s a huge leap toward something the industry has long lacked: recurring, sustainable value capture.
Real revenue means less reliance on speculation and more alignment with user demand. Regulatory clarity and improved market structures could unlock even more here. We might just be witnessing the birth of a token economy where economics rather than hype, drives success.
So, What’s the Vibe?
Crypto in 2025 isn’t euphoric, but it’s also not existential. It’s building. Slowly. Quietly. Tangibly.
It’s retail users returning (and sticking), stablecoins becoming financial infrastructure, DEXs gaining real ground, and tokens finally earning their keep.
No, we’re not “back” to 2021 levels of frothy madness and thank goodness for that. What we’re seeing is more grounded, more infrastructural, and more sustainable. I would take that over frenzy and then crazy drop any day of the week.
BlackRock Is Making Money With BTC
Well, here’s something you don’t see every day: BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has officially become the biggest fee-generating ETF in their entire lineup. Yes, even bigger than the iShares S&P 500 ETF (IVV), which has long been their flagship product.
Let that sink in. A Bitcoin ETF, which only launched in early 2024, is now pulling in more fee revenue than the product tracking the most iconic index in the world. IBIT has brought in around $186 million in annual fees, just edging out IVV’s $183 million. The kicker? IBIT manages only a fraction of the assets IVV does, but its 0.25% fee and relentless inflows have turned it into a powerhouse.
This is more than a crypto victory lap. It’s a clear sign that institutional appetite for Bitcoin exposure is very real—and very large. IBIT has already attracted over $50 billion in assets, with some trading days seeing more than $4 billion in volume. That kind of activity isn’t just impressive for a crypto ETF. It’s impressive for any ETF.
Even BlackRock itself is leaning in, increasing its own exposure to IBIT through its internal portfolios. That’s not just belief. That’s conviction. And as IBIT’s volatility cools down and starts behaving more like a traditional ETF, it's becoming easier for all kinds of investors to add it to their portfolios without needing antacids.
Of course, there’s always a debate simmering in the background. As institutional money floods in, some wonder if Bitcoin is losing its edge—becoming too domesticated, too tamed. But maybe that’s the point. The wild teenager phase might be over. Now comes the part where Bitcoin settles into a more stable, grown-up role in the financial world.
IBIT’s rise isn’t just about fees. It’s about how far crypto has come—and how much more mainstream it’s about to become.
Utilties, Your Time Is Now
This image above is not something I like or dislike. A lot of people think I’m against memecoins which I am not, at all. I just like utilities better.
And the above image is showing the gradual decline in interest in Pump.Fun. Now, pump fun is not the only criteria for judging whether interest has faded in memecoins but it certainly is a big one.
As we head into the second half of 2025, the tide seems to be turning toward a quieter, more grounded contender: utility coins. These are tokens that do something.
There are a few key reasons for this shift.
1. Product-Market Fit Is Catching Up
2. Regulation Is Filtering the Noise
The SEC, MiCA, and other frameworks are drawing clearer lines around what’s permissible. Utility tokens, when structured correctly, tend to be more compliant, or at least easier to justify than coins that exist solely to “go up.”
3. Memecoin Fatigue Is Real
4. Emerging Narratives Are Backing Builders
From decentralized AI to onchain creator economies to restaking, the frontier of crypto is once again being defined by builders, not influencers.
5. Revenue and Tokenomics Actually Matter Now
I won’t be going more into this because I’ve been burnt here before, but I do have my fingers crossed for utilities this time out. 🤞
A Look At The Markets
After the resolution in the middle-east, we saw an immediate pump which had people rooting for a new $BTC all time high. We actually got a little pull back to end the week at $3.27T of TOTAL MC and $BTC at $107,200.
Biggest Winner
$SEI: Make it two in two for SEI 0.00%↑ as it pumped another 31% to reach the $1.6B market cap. It is easily the hottest coin in the space right now, no doubts.
Biggest Loser
$AB: I read while doing research that there is whale manipulation involved in this crash but nevertheless, it has crashed. Crashed by a good 33% too.
Well, this is it from my side this week folks, will meet you next week in the second half of the year. Till then, STAY SAFU!