📊 State of Crypto - T2 2025 Amid the explosion in Bitcoin prices, records on stablecoins, and the emergence of new L1s, @TheBigWhale_ has analyzed dozens of indicators to deliver the key trends to you. 🧵 Here’s what to remember.

The crypto market has regained strength Total capitalization: +800 billion $ Bitcoin ETF: +12.7 billion $ raised Ethereum ETF: +2.6 billion $ 👉 The rebound started right after Trump's announcement of a customs moratorium on April 9

Bitcoin: new peak at $113,000 Bitcoin recorded a 52% increase in Q2 Public companies bought more than ETFs: 131,000 BTC vs 120,000. 👉 Our model shows that the average purchase remains below $50,000 per BTC

We analyzed over 20 technical indicators to build this report Hashrate, mining profitability, investor cohorts, P/E, FDMC/WAU, real yield… 👉 A thorough job to identify structural trends

Ethereum is making a strong comeback with +58% The asset is the best performer among large market caps 👉 A resurgence driven by ETFs, legal clarity (not a security), and a TVL increase of $22 billion over the quarter

The FDMC/Transaction indicator shows that some blockchains are overvalued. Cardano remains the outlier with over $2400 in valuation per annual transaction. 👉 Conversely, Hyperliquid shows $0.16 per transaction.

Tron remains the most profitable chain With $984M in fees captured in Q2, Tron is far ahead 👉 The P/E ratio is at 6.33, far from the average (1,496) or Cardano (6,636)

Valuation = return to earth The decline in P/E ratios and user valuation ratios shows that the market is returning to more rational levels 👉 Less speculation, more real use

In summary – BTC & ETH outperforming thanks to ETFs – Hyperliquid is a new challenger – Tron remains a cash machine – Stablecoins are increasingly used – Valuations are normalizing

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