2025 didn’t match the usual four-year cycle expectations, even with bitcoin printing new all-time highs.

The Block’s year-end data roundup highlighted five trends that shaped bitcoin markets and bitcoin-adjacent trading activity.

Spot bitcoin ETF flows: institutional demand stayed resilient

U.S. spot bitcoin ETFs brought in about $21.8 billion of net inflows in 2025, down from $35.4 billion in 2024.

BlackRock’s IBIT led with $24.9 billion of net inflows, around $66 billion in assets under management, and more than 70% share by trading volume.

For a live view of flows, see U.S. bitcoin ETF inflows and outflows.

The implication for market structure is that ETFs remained a major marginal buyer even as inflows slowed from 2024, according to The Block:

“Nevertheless, they remain one of the most successful ETF product classes.”

Stablecoin supply: liquidity hit records (near $300B)

Dollar-pegged stablecoin circulating supply climbed to nearly $300 billion.

Tether’s USDT exceeded $187 billion (more than 64% share), while Circle’s USDC topped $76 billion (about 26%), according to the report.

The implication is that more dollar liquidity was available onchain for trading and settlement during 2025:

“Stablecoin adoption surged in 2025… with the circulating supply… reaching new heights of nearly $300 billion.”

Prediction markets: volumes went mainstream

Kalshi and Polymarket set new records for monthly activity and volume.

Kalshi surpassed Polymarket in monthly trading volume from March, hitting $6.3 billion versus $2.2 billion in December, according to The Block’s dashboard.

The implication is that speculative flows increasingly showed up in betting-style markets alongside traditional bitcoin trading venues:

“Prediction markets hit the mainstream in 2025.”

Perpetuals: onchain derivatives topped $1T monthly

Perpetual protocol monthly trading volume exceeded $1 trillion for the first time in October.

The report cited a record $1.2 trillion month, led by Hyperliquid at $308.5 billion, with Lighter at $272.5 billion and Aster at $259.9 billion.

The implication is that leverage and short-term trading demand migrated further onchain during the year:

“Perpetual protocol monthly trading volume topped $1 trillion for the first time in October.”

Bitcoin treasury stocks: premiums collapsed after the DAT craze

Strategy’s bitcoin stack exceeded 672,000 BTC, topping 3% of bitcoin’s 21 million supply.

The report said Strategy shares fell 66% from summer highs, with its market cap-to-net asset value ratio dropping below 1.

The implication is that equity “bitcoin proxy” premiums proved unstable versus holding bitcoin directly:

“Its mNAV dropping below 1 — meaning the company is worth less than the value of the Bitcoin it holds.”