Quarterly Report December 2025 Unpacking The Crypto Markets

Whilst major assets like Bitcoin experienced their weakest quarterly performance in years, key indicators remained highly constructive. Ethereum, for instance, recorded an all-time high in smart-contract deployments, while the ecosystems for stablecoins and tokenised real-world assets (RWAs) continued to expand their integration into the broader nancial system.

Ethereum’s fundamental performance delivered an important structural signal of the quarter. While its price was not immune to the market downturn, its network activity surged to a record 8.7 million smart contracts deployed in Q4 2025, surpassing the previous high set during the 2021 bull market.