According to Binance Research, the research and analysis arm of Binance, the crypto market maintained its strong upward momentum in May 2025, gaining by 10.3% month on month, despite increased volatility caused by uncertainty in global trade policies. According to the research, the surge was fueled by revived institutional interest, increased corporate adoption, and good developments in the decentralized finance (DeFi) and stablecoin markets.
Despite some global headwinds, the crypto market performed strongly, with Bitcoin (BTC) surging 11.1% during the month and reaching an all-time high of US$111,970 before experiencing a minor retreat.
Ethereum (ETH) rebounded sharply with a 43.9% gain in May, driven by the successful implementation of its Pectra upgrade. The upgrade improved scalability, security, and developer experience, instilling fresh investor confidence in Ethereum’s long-term viability.
Altcoins also participated in the rally. Dogecoin (DOGE) jumped 12.9% following 21Shares’ filing for a spot DOGE ETF, which helped drive a 528% increase in active addresses. Solana (SOL) gained 9.3%, bolstered by institutional inflows and new treasury allocations by DeFi Dev. BNB posted a 10.1% gain, drawing attention following the US$2 billion launch of stablecoin USD1 on BNB Chain.
DeFi stood out as the top-performing sector, with total value locked (TVL) rising 21.4% month-on-month, outpacing Bitcoin’s own performance. The surge was largely driven by growth in Ethereum and its Layer 2 ecosystems, particularly the Base network. Stablecoin activity also increased, growing by 4.5% as adoption across payment platforms widened. While the total stablecoin market crossed USD 250 billion for the 20th consecutive month of growth.
NFTs experienced a resurgence in May, with total sales volume up 22.5%. Bitcoin NFTs, including Ordinals and BRC-20 collections, also gained ground with a 14.4% rise in sales. Immutable’s “Guild of Guardians” led the charge with a 40% increase in sales volume, while collections like “Doodles” and “Good Vibes Club” also posted notable recoveries.
Bitcoin spot ETFs in the U.S. recorded net inflows of USD 5.25 billion in May, the highest since November 2024. However, this bullish trend reversed in the final two trading days, which saw USD 962 million in outflows, reflecting cautious sentiment amid rising secondary market rates and renewed macro uncertainty.
Corporate treasuries are playing an increasingly influential role in crypto markets. Since April alone, over 100,000 BTC have been added to corporate balance sheets, with more than 25 new companies disclosing holdings.
The outlook for the second half of 2025 remains optimistic. With rising adoption across corporate treasuries, increased regulatory clarity in the U.S., EU, and APAC, and continued momentum in DeFi innovation, the digital asset market is demonstrating resilience in the face of macroeconomic challenges. As global investors seek alternative hedges and long-term value, crypto assets are increasingly being viewed as integral to the future of finance.
“Despite persistent global macroeconomic turmoil, the May insights underline crypto’s growing resilience and maturity. We are seeing unprecedented levels of corporate participation, increased institutional demand, and greater integration of blockchain technology into financial and enterprise processes. This momentum is not only about growing price, but also signals rising confidence in digital assets as a vital part of the global financial ecosystem,” said Kushal Manupati, Regional Growth & Ops Lead of South Asia, Binance
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