> ## Content Index
> Fetch the complete content index at: https://research.glassnode.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Coinbase + Glassnode: Charting Crypto Q3 2025
- URL: https://research.glassnode.com/coinbase-glassnode-charting-crypto-q3-2025/
- Published: 2025-07-17T16:01:36.000Z
- Updated: 2025-07-17T19:26:07.000Z
- Description: Discover key on-chain and market trends shaping the crypto outlook in Coinbase and Glassnode’s Q3 2025 report.
- Author: Glassnode
- Tags: Bitcoin Analysis & Research, #marcin, Partner Reports

## Tailwinds Take Shape in Q3

The third quarter of 2025 marks a clear pivot in digital asset markets. Risk sentiment is rebounding, regulatory clarity is improving, and capital is flowing back into high-conviction assets. With Bitcoin reaching fresh all-time highs and stablecoin activity setting new records, market conditions are aligning for continued structural growth.

Produced in collaboration with Coinbase Institutional, the latest *Charting Crypto* report distills the most critical trends shaping institutional crypto strategy this quarter. From ETF flows and profit-taking behavior to smart contract activity and macro correlations, the report offers a data-driven perspective grounded in on-chain and off-chain market structure.

💡

[Download **Charting Crypto* Q3 2025 by Coinbase x Glassnode](https://glassno.de/4o1F9vB)

Highlights from this edition:

- **Bitcoin leads the market** as dominance reaches 64%, fueled by ETF inflows and renewed institutional accumulation.
- **Spot ETF flows accelerate**: Q2 saw over $14.6B in net inflows to BTC and ETH ETFs - more than 20x the Q1 figure.
- **Stablecoins solidify their role** in the financial stack, with total supply surpassing $230B and monthly volumes exceeding $4T.
- **Ethereum shows signs of rotation**, as investors reposition following Q1’s capitulation and Q2’s strong recovery.

With analysis from both Coinbase and Glassnode analyst teams, this quarterly report remains a core resource for professional investors navigating crypto’s latest developments.

### Key Insights from Q3 2025

**1\. Bitcoin regains dominance in flight to quality**

![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/07/64.webp)

Bitcoin's share of total crypto market capitalization climbed to **64%**, its highest level since early 2021\. Ethereum and Solana also saw modest gains, while altcoin market share continued to contract. The rotation into "blue-chip" assets underscores a clear institutional preference for liquidity and resilience amid ongoing macro uncertainty.

**2\. ETH sentiment flipped decisively in Q2**

![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/07/62_2x.webp)

Glassnode’s Net Unrealized Profit/Loss (NUPL) metric shows that **Ethereum investor sentiment recovered from capitulation to belief**, signaling a dramatic shift in market psychology. This rebound helped drive ETH’s Q2 rally and may support continued accumulation if macro tailwinds persist.

**3\. Long-term ETH holders took profits into strength**

![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2025/07/63_2x.webp)

Ethereum’s **liquid supply rose by 8%** while illiquid supply fell by **6%** in Q2, suggesting that long-term holders were selectively realizing gains into the rally. This redistribution pattern reflects a healthy market structure, with newer entrants absorbing supply from early adopters.

Together, these trends point to a maturing market environment where institutional flows, macro tailwinds, and on-chain behavior are aligning. Bitcoin’s dominance, Ethereum’s sentiment shift, and selective profit-taking by long-term holders all suggest that the current cycle is transitioning from recovery to expansion - potentially laying the groundwork for a structurally stronger digital asset market in the second half of 2025.

For the full Q2 2025 edition of *Charting Crypto*, including exclusive contributions from Bitwise, Grayscale, and ParaFi, [download the report here](https://glassno.de/4o1F9vB).