The crypto industry is entering a pivotal phase of growth and maturation. After a landmark year in 2024—marked by regulatory clarity, the launch of spot Bitcoin and Ethereum ETFs, and widespread advancements in infrastructure—the stage is set for even greater adoption in 2025. As the ecosystem evolves, certain data points will serve as essential barometers of real-world usage, developer innovation, and institutional interest.
Daren Matsuoka, Partner at a16z Crypto, highlights five core metrics that will be instrumental in measuring the health and trajectory of the blockchain space over the coming year. These indicators go beyond price speculation, focusing instead on tangible signs of progress and utility.
Monthly Active Mobile Wallet Users
User adoption is the lifeblood of any technology revolution, and in crypto, mobile wallets are becoming the primary gateway for mass engagement. To unlock the next wave of users—especially those unfamiliar with blockchain complexity—wallets must offer seamless, intuitive experiences comparable to Web2 apps.
In recent months, monthly active mobile wallet users surpassed 35 million for the first time, a record high. This surge has been driven by established platforms like Coinbase Wallet, MetaMask, and Trust Wallet, as well as emerging players such as Phantom and World App. These tools are not just storing assets—they’re enabling participation in decentralized finance (DeFi), NFTs, gaming, and social applications.
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For developers, building secure, private, and user-friendly wallets remains one of the toughest challenges in the space. Yet with blockchain infrastructure now capable of supporting billions of transactions, the opportunity to create truly global financial tools has never been greater. In 2025, continued growth in mobile wallet adoption will signal expanding access to decentralized services.
Core Insight: A rising number of active mobile wallet users reflects deeper consumer engagement and paves the way for mainstream crypto usage.
Adjusted Stablecoin Transaction Volume
Stablecoins represent one of crypto’s most practical and widely adopted use cases. Unlike volatile cryptocurrencies, stablecoins offer price stability while enabling fast, low-cost cross-border payments, remittances, merchant settlements, and savings in inflation-prone economies.
In 2024, stablecoin transaction volume surged due to improved scalability and reduced fees across major blockchains. However, raw transaction data can be misleading—much of it comes from bots, arbitrage activity, or internal transfers rather than real-world economic use.
That’s why adjusted stablecoin transaction volume—a metric refined by Visa’s on-chain analytics—is so valuable. It filters out artificial or redundant activity to reveal genuine usage patterns. This adjusted view provides a clearer picture of how stablecoins are being used for actual value transfer.
As more businesses begin accepting stablecoins for goods and services—and as governments explore central bank digital currencies (CBDCs)—this metric will become increasingly critical. Sustained growth in adjusted volume would confirm that stablecoins are transitioning from speculative instruments to real payment rails.
Core Insight: When adjusted stablecoin volume rises consistently, it signals growing trust and integration into everyday financial flows.
Net ETF Inflows
The approval of spot Bitcoin and Ethereum ETFs in the U.S. marked a watershed moment for institutional crypto adoption. These products allow traditional investors to gain exposure to digital assets through familiar brokerage accounts, without managing private keys or navigating exchanges.
One key indicator of institutional demand is net ETF inflows—the net amount of Bitcoin or Ethereum flowing into these funds from external sources (excluding legacy trusts like Grayscale’s GBTC or ETHE that converted into ETFs).
As of early 2025, Bitcoin ETFs have seen approximately 515,000 BTC in net inflows, while Ethereum ETFs have attracted around 611,000 ETH. These figures reflect strong confidence from large financial players such as Goldman Sachs, JPMorgan, and Merrill Lynch, who are now actively distributing these products to retail clients.
By monitoring on-chain deposits to verified ETF custodial addresses, analysts can track inflows in near real time. Rising net inflows suggest increasing institutional allocation and long-term bullish sentiment.
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Core Insight: Growing ETF inflows demonstrate that crypto is becoming a legitimate asset class within mainstream finance.
DEX vs CEX Spot Trading Volume Ratio
Decentralized exchanges (DEXs) embody the original vision of permissionless, non-custodial finance. While centralized exchanges (CEXs) still dominate trading volume, the ratio of DEX-to-CEX spot trading has steadily increased—reaching about 11% in recent years.
This shift reflects growing confidence in DeFi protocols, improved user interfaces, and the rise of high-performance blockchains like Solana and Base (Coinbase’s Layer 2). These networks support fast, low-cost trades that make DEXs more competitive with their centralized counterparts.
In 2024, new consumer apps fueled a surge in DEX activity, with trading volumes hitting all-time highs. As more users prioritize control over their assets and privacy in transactions, this trend is expected to accelerate through 2025.
Tracking the DEX/CEX volume ratio helps gauge how much economic activity is truly “on-chain” versus mediated by intermediaries. A rising ratio indicates stronger decentralization and broader acceptance of self-custody principles.
Core Insight: An increasing share of trading moving to DEXs reflects deeper alignment with crypto’s foundational ethos of financial sovereignty.
Total Blockchain Transaction Fees
Total transaction fees—measured in USD across all major blockchains—are a direct reflection of demand for blockspace and on-chain economic activity. High fees often indicate congestion, but when combined with low per-transaction costs, they signal efficient scaling and widespread usage.
A notable milestone occurred in late 2024 when Solana’s daily transaction fees briefly exceeded Ethereum’s—despite Solana’s per-transaction cost being less than one cent compared to Ethereum’s ~$5 for a USDC transfer. This demonstrated that high throughput and affordability could coexist with robust economic demand.
Over time, total fees paid may become the single most important metric for assessing the real economic value generated by blockchains. Unlike speculative metrics like market cap or social sentiment, transaction fees represent users’ willingness to pay for secure, transparent settlement.
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Core Insight: Rising total fees across scalable networks point to growing demand for decentralized services and sustainable network economics.
Frequently Asked Questions (FAQ)
Q: Why are mobile wallets important for crypto adoption?
A: Mobile wallets simplify access to blockchain applications, offering an intuitive entry point for non-technical users. Their growth indicates expanding mainstream usability beyond early adopters.
Q: What makes adjusted stablecoin volume different from raw volume?
A: Adjusted volume removes bot-driven or redundant transactions, focusing only on meaningful economic activity—making it a more accurate gauge of real-world stablecoin usage.
Q: How do ETF inflows affect the crypto market?
A: Positive net inflows signal institutional confidence and increased capital flowing into digital assets through regulated products, which enhances market legitimacy and liquidity.
Q: Are DEXs safer than CEXs?
A: DEXs reduce counterparty risk since users retain custody of funds. However, they require greater personal responsibility for security and may have less robust customer support.
Q: Can low transaction fees hurt blockchain security?
A: Not necessarily—if a network achieves scalability through advanced architecture (like rollups or proof-of-stake), low fees can coexist with strong security and high usage.
Q: Which metric best reflects true crypto adoption?
A: While no single metric tells the whole story, total transaction fees offer a strong proxy for real economic activity because they reflect what users are actually paying to use blockchains.
By focusing on these five metrics—mobile wallet users, adjusted stablecoin volume, ETF inflows, DEX/CEX trading ratios, and total transaction fees—we gain a comprehensive view of crypto’s evolution beyond hype cycles. In 2025, expect these indicators to guide strategic decisions for investors, builders, and policymakers alike.