Spot DEX trading in 2025 was dominated by a handful of protocols processing hundreds of billions in volume across Ethereum, Solana, Base, and beyond. Uniswap remained the clear leader, while Solana-native DEXs captured a growing share of global onchain liquidity.

In his new essay, Hayes breaks down 5 core dynamics explaining how dollar liquidity, sovereign demand, and AI-driven equities shaped market in 2025.

1️⃣ Dollar liquidity is the main driver. Hayes argues that price action in BTC, gold, and equities is still primarily driven by changes in dollar liquidity

2️⃣ BTC lagged due to tighter liquidity. Reduced dollar liquidity was a key factor behind Bitcoin’s weaker performance in 2025

3️⃣ Gold outperformed on sovereign demand. Hayes explains gold’s strength by pointing to price-insensitive central bank and sovereign buying, driven by geopolitical risk

4️⃣ Gold is re-emerging as a settlement asset. Gold is increasingly used in trade settlement, not just as a passive reserve asset

5️⃣ AI supports equities despite macro pressure. Large-cap tech stocks remain resilient because AI has become strategically important and implicitly state-backed

Daily active users tell the real story of DEX adoption in 2025. Solana-native exchanges dominate the top ranks, while legacy multichain platforms trail behind in user engagement.

CoinGecko is reportedly exploring a potential sale, having hired investment bank Moelis to advise on the process that began in late 2025. The deal would mark one of the most notable exits in crypto, reflecting rising M&A activity as demand for reliable market data.

Corporate treasuries continued steady accumulation amid market declines, led by BitMine and Strategy. ETFs saw major outflows, with Bitcoin spot funds posting $1.20B in weekly redemptions, the third largest on record, while Ethereum funds recorded $508M in withdrawals. In contrast, Solana ETFs stood out with $137 million in inflows.

Last week, public companies added over $558M in crypto to treasuries, led by BitMine’s 77,055 ETH ($320M), American Bitcoin’s 1,414 BTC ($163M), and SharpLink’s 19,271 ETH ($75M). Bitcoin ETFs saw $80M in net inflows, while Ethereum ETFs recorded $476M in outflows.

Oriole Insight — the new predictions platform for tracking community sentiment across the crypto market. This week, we review its latest listings on Up/Down and ROI Markets, along with the top-trending polls highlighted by the Oriole community.

ChainOpera, XPIN Network, Unibase, River, yieldbasis, and Tokyo Games Token led the gains, driven by community engagement, ecosystem updates, and market momentum.

ChainOpera, XPIN Network, Unibase, River, yieldbasis, and Tokyo Games Token led the gains, driven by community engagement, ecosystem updates, and market momentum.

Binance’s AI-powered insights track real-time sentiment across KOLs, media, and project teams, highlighting trending tokens along with key updates, momentum shifts, and community buzz.