Stablecoins, ETF, liquidity: The key signals from the Binance Research report

In a highly anticipated report, Binance Research reveals ten key metrics that will shape the future of crypto in 2025. Increase in overall liquidity, breakthrough of ETFs, explosion of the supply of stablecoins… all indicators appear green. But how far can this momentum carry the market?

Binance Research anticipates massive adoption of stablecoins

Binance Research’s analysis reveals a remarkable phenomenon: global M2 liquidity is experiencing its strongest expansion in six months since 2021. 

This massive injection of liquidity is not confined to traditional markets. It spills over into risky assets, propelling bitcoin and Ethereum to new heights.

The numbers speak for themselves. The total market capitalization of crypto shows a progression of 9.9% since the beginning of the year, adding more than 600 billion dollars after a difficult first quarter.

Three catalysts fuel this resurgence:

• Political clarity: US regulators adopt a more favorable approach
• Easier institutional access: ETFs pave the way for large investors
• Enhanced on-chain activity: DeFi protocols gain maturity and usage

Stablecoins perfectly embody this dynamic. Their supply literally explodes, jumping over 35% to reach 277.8 billion dollars. This rapid growth goes beyond simple trading to extend to payments and settlements, signaling accelerated mainstream adoption.

The increase in stablecoin liquidity often precedes a rise in purchasing power on the crypto market. This correlation suggests the ecosystem is preparing for a new phase of expansion, fueled by this available “dry powder.”

Institutionalization accelerates with ETFs and corporate treasuries

Bitcoin ETFs and spot Ethereum establish themselves as one of the central drivers of the current market transformation.

With 28 billion dollars in net flows in 2025, these instruments democratize access to cryptos for institutional investors. BlackRock leads the dance, closely followed by Fidelity, elevating these financial giants as regulated “whales.”

Since their launch, Bitcoin ETFs have accumulated more than 1.29 million BTC, an unprecedented concentration of the supply in the hands of institutional players. 

This phenomenon redefines the balance of power in the market, establishing a new form of centralization… at the very heart of the regulated infrastructure.

Meanwhile, listed companies strengthen their bitcoin treasury strategy. 174 companies now hold approximately 1.07 million BTC, or 5.4% of the circulating supply, including 59% by Strategy (formerly MicroStrategy), which fully plays its role as a Bitcoin proxy on the stock market.

This institutionalization is accompanied by a structural market shift:

• Decentralized exchanges (DEX) represent 23.1% of spot volumes.
• Decentralized futures contracts reach 9.3% market share.
• On-chain loans surpass 79.8 billion dollars in locked value.

Binance Research describes a maturing ecosystem, driven by abundant global liquidity, massive institutional adoption, and sustained on-chain innovation. 2025 could well mark the true turning point towards widespread crypto adoption.