Institutional cryptocurrency trading volumes surged 141% year-over-year (YoY) in the first quarter of 2025, according to data released today (Thursday) by Finery Markets, reflecting the market’s response to the first 100 days of a new pro-crypto political environment in the United States.
The report, which analyzed over 2 million spot trades conducted by institutions through the Finery Markets platform, shows that January saw the strongest performance with 163.5% YoY growth, coinciding with Bitcoin reaching an all-time high above $109,000.
“The crypto OTC market continued its strong growth trajectory in Q1 2025,” Finery Markets commented in the newest report. “January showed the strongest performance with 163.5% YoY growth, coinciding with BTC’s strong performance. February followed with 137% YoY increase, while March showed 129% YoY increase.”
This week, Finery partnered with Zodia Markets to enhance institutional access to both digital asset and fiat liquidity. Both companies expect the over-the-counter crypto markets to grow by more than 60% in 2025.
The most significant growth was observed in crypto-to-stablecoin transactions, which increased fivefold compared to Q1 2024.
Stablecoins on the Rise
The stablecoin sector emerged as the quarter’s most resilient segment, with total market capitalization exceeding $230 billion—56% larger than a year ago. Since January alone, stablecoin market cap grew by approximately $20 billion.
“The differential between transaction types suggests a clear institutional preference for stablecoins, likely driven by their enhanced utility in bridging traditional finance and the crypto space,” the report noted.
Regulatory developments also reshaped the stablecoin landscape. The implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation triggered USDT delistings across major EU venues, creating an opening for USDC, which experienced extraordinary growth of 32 times year-over-year.
Despite the growth in altcoin trading, Bitcoin, Ethereum, and stablecoins continue to dominate institutional portfolios, collectively representing 95.3% of all transactions. The top five altcoins—SOL, LTC, XRP, TRX, and ADA—accounted for just 4.7% of all trades.
Bitcoin Retreats From $109,000 Peak as Q1 Euphoria Fades
By the end of the quarter, market reality had tempered the initial euphoria. A tariff war brought uncertainty and triggered a major sell-off in global markets, which affected digital assets as well. Bitcoin prices retreated below $75,000 in March, returning to pre-election levels.
Over the first quarter, Bitcoin’s price fell by 25% from its all-time high, with the decline deepening at the start of Q2. However, Donald Trump’s proposed tariffs are fueling significant volatility. For example, on Wednesday, Bitcoin traded as low as $74,500 before closing the session at $82,600—ending the day with a gain of over 8%.
And although, as FinanceMagnates.com reported last month, Bitcoin is experiencing its sharpest price decline since 2022, Finery Markets reported a record trading volume of $1.8 billion.
The data suggests that while the pro-crypto political shift has catalyzed market growth, actual performance has been tempered by broader economic factors and the complex reality of regulatory implementation.
