5 Charts That Explain Crypto Right Now

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Jun 20, 2025

Daren Matsuoka, the resident data weatherman for a16zcrypto.com, shares insights on cryptocurrency adoption metrics. He discusses the impressive rise in mobile wallet users, emphasizing their significance for market demand. Daren dives into stablecoin growth, highlighting key market dynamics and regulatory impacts. He also analyzes transaction fee trends, noting a drop and its implications for blockchain accessibility. Lastly, he explores the current crypto landscape, expressing concern about revenue generation among tokens and the potential influence of institutional involvement.

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INSIGHT

Mobile Wallet Users Growing

Monthly mobile wallet users grew 23% from 27.9M in 2024 to 34.4M in early 2025.
This metric is reliable as it's from App Store and Google Play data, hard to game unlike on-chain addresses.

INSIGHT

Stablecoin Volume Booming

Adjusted on-chain stablecoin transaction volume grew 49% year-over-year to $702 billion monthly.
This volume excludes bot and inorganic activities, showing real human stablecoin usage growth.

INSIGHT

Institutional Crypto ETF Flows Rise

Bitcoin and Ethereum Exchange Traded Products saw $45B net flows by mid-2025, a 28% increase from $35B in 2024.
This indicates growing institutional interest and maturity in crypto investment products.

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with @DarenMatsuoka @rhhackett

Today we've got a midyear market update and news episode for you.

At the end of last year, our guest — and resident data weatherman — Daren Matsuoka put out a post on "5 metrics to watch in 2025." Most of the metrics that Daren picked measure how crypto's adoption: from mobile wallet usage and onchain transaction fees to volume across stablecoins, decentralized exchanges (or DEXs), and exchange traded-products. Now that we're about midway through 2025, it's a great time for an update.

Timestamps:

(0:00) Introduction

(2:27) Chart 1: Monthly Mobile Wallet Users

(6:16) Chart 2: Adjusted Stablecoin Transaction Volume

(10:01) Chart 3: ETF Net Flows for Bitcoin and Ethereum

(13:30) Chart 4: Decentralized vs Centralized Exchange Volume

(15:50) Chart 5: Total Transaction Fees

(21:46) Emerging Metrics and Industry Insights

(25:07) Recent Industry News and Developments

(27:13) Conclusion

Relevant news:

Circle, issuer of the USDC stablecoin, went public on the New York Stock Exchange exchange on June 5 and there was extremely strong demand for the company's offering.
Stripe announced on June 11 that it would be acquiring a crypto company, Privy, which helps companies create crypto wallets — adding to Stripe's earlier acquisition of Bridge, which helps companies work with stablecoins.
Shopify partnered with Stripe and Coinbase to enable merchants to accept USDC payments.
Coinbase has a new credit card in partnership with American Express, which gives you Bitcoin rewards.
The French bank Société Générale announced plans for a dollar-backed stablecoin that will run on Ethereum and Solana with BNY Mellon acting as custodian for the reserves.
JPMorgan Chase plans to launch a U.S. dollar “deposit token” called JPMD on Coinbase's Base network.

If you enjoyed this episode, stay tuned for our annual big State of Crypto Report, which we'll drop in the fall. If you want more from Daren, you can follow him @DarenMatsuoka on X or visit a16zcrypto.com to read his posts, including the one we talked about today.

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As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.