Binance Research, monthly market insights
The report details a 4.4% decline in total cryptocurrency market capitalization in March 2025 amid macroeconomic uncertainty, tariff tensions, Federal Reserve policy, and a US$1B liquidation event in crypto derivatives.
It also highlights regulatory developments, including progress of the GENIUS Act and new OCC guidance on banks holding cryptocurrencies.
Among major assets, TON rose 17.1%, ADA 4.4% and BNB 2.5%, while SOL and ETH fell 15.8% and 19.3%, respectively.
In DeFi, total value locked declined 1.5% month-on-month, while stablecoin capitalization increased 4.4% and USDC expanded its market share.
The NFT market contracted sharply, with sales volume across the top 10 chains falling 12.4%. The report also examines structural changes in decentralized exchanges: Uniswap’s trading-volume share fell to 29%, while PancakeSwap reached 28% and Raydium faced growing competition from PumpSwap.
The report’s charts highlight renewed accumulation among Bitcoin long-term holders and a 2,767% year-over-year increase in Bitcoin DeFi TVL, from US$0.3B to US$8.6B.
It also documents Binance Wallet surpassing 50% of swap-volume market share in mid-March and a broad decline in Pump.fun activity following the launch of $TRUMP, with peak-to-March declines of 69.9% in volume, 51.8% in token creation and 45.1% in active wallets.
Access the full report.
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