a16z: 5 Charts That Show the State of Crypto
TechFlow Selected TechFlow Selected
a16z: 5 Charts That Show the State of Crypto
Monthly mobile wallet users +23%, adjusted stablecoin transaction volume +49%.
Navigating Web3 tides with focused insightsAuthor: a16z crypto
Translation: TechFlow
1. Monthly Mobile Wallet Users: +23%
2025 average: 34.4 million monthly active mobile wallet users
2024 average: 27.9 million monthly active mobile wallet users
Why this matters:
Wallet infrastructure has significantly improved—we now have low transaction fees, new account abstraction protocols (EIP-7702), embedded wallet products (Privy, Turnkey, Dynamic), and more. Now is the perfect time to build the next generation of mobile wallets.
Related news:
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This month, Stripe acquired Privy, a leading wallet infrastructure provider.
2. Adjusted Stablecoin Transaction Volume: +49%
2025 average: $702 billion in adjusted stablecoin transaction volume per month
2024 average: $472 billion in adjusted stablecoin transaction volume per month
Why this matters:
Stablecoins have achieved product-market fit. We can now send dollars in under one second at a cost of less than one cent, making stablecoins an excellent product for payments. Major financial institutions are seizing this opportunity.
Related news:
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Dollar stablecoin issuer Circle listed on the New York Stock Exchange
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Stripe acquired stablecoin infrastructure provider Bridge and announced new product offerings
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Coinbase released a proxy payment standard supporting stablecoin payments
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Visa and Mastercard enhanced their support for stablecoins
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Meta is reportedly in talks to adopt stablecoins as a payment method
3. ETP Net Inflows (Bitcoin and Ethereum): +28%
June 2025: Total ETP net inflows of $45 billion ($42 billion Bitcoin, $3.4 billion Ethereum)
End of 2024: Total ETP net inflows of $35 billion ($33 billion Bitcoin, $2.4 billion Ethereum)
Why this matters:
Institutional capital entering the cryptocurrency space is a sign of broader industry maturity. As regulation becomes clearer and key issuers come online, net inflows into ETPs should continue to grow.
Related news:
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The SEC recently requested Solana spot ETF issuers to update their S-1 filings, indicating approval could come soon.
Source: Dune @hildobby (as of June 2025)
4. DEX to CEX Spot Trading Volume: +51%
2025 average: 17% monthly growth in DEX trading volume relative to CEX
2024 average: 11% monthly growth in DEX trading volume relative to CEX
Why this matters:
As more people go on-chain, we expect decentralized exchange (DEX) usage to increase relative to centralized exchanges (CEX) in crypto trading. This rising ratio highlights the overall development of the DeFi ecosystem.
Related news:
Coinbase just announced native DEX trading directly from the Coinbase app, unlocking thousands of new tradable assets.
5. Transaction Fees (Demand for Block Space): -43%
2025 average: $239 million in monthly transaction fees
2024 average: $439 million in monthly transaction fees
Why this matters:
The total dollar-denominated transaction fee reflects the aggregate demand for block space on a given chain—i.e., real economic value.
However, this metric has many nuances, as most projects explicitly aim to reduce user fees. Therefore, it's also important to consider per-unit transaction costs—that is, the fee associated with a given amount of blockchain resources. Ideally, overall demand (total transaction fees) should rise while gas (cost per unit of resource used) remains low.
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