Month-on-month declines have been steep across major tokens. Bitcoin is down almost 20% over the month and about 8% this year. Ethereum, Solana and Avalanche have dropped between 26% and 28% in recent weeks. Over the year, Ethereum is down 16%, Solana is down 29% and Avalanche has fallen by about 60%.
Also Read | Bitcoin slides below $90,000 but analysts call the crash cyclical
The key question for investors is whether the crypto downturn could spill over into broader financial markets. One area drawing attention is stablecoins. Tether, the largest player, holds around “$112 billion” in US Treasuries out of its roughly “$180 billion” in reserves. Circle, a major competitor, holds nearly $24 billion in US Treasuries through its stablecoin operations.
Public markets have seen limited interest from crypto companies. Out of 173 US listings so far in 2025, only three were crypto firms, which together accounted for just “3.3%” of the total funds raised.
Institutional involvement in Europe has been rising. ECB-linked data shows crypto custody holdings increasing from $400 million in 2023 to $4.7 billion in 2024, with expectations of higher levels in 2025.
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