The cryptocurrency market continued its momentum in March 2025, marked by sustained institutional interest, record-breaking metrics, and growing integration of decentralized finance (DeFi) into mainstream platforms. Despite short-term price stagnation among major digital assets, key on-chain and market indicators point to deepening adoption and maturation across the ecosystem.
Market Overview: Mixed Performance with Notable Gainers
Over the past 24 hours, the crypto market showed mixed performance. Bitcoin and Ethereum remained in consolidation phases, reflecting investor caution amid macroeconomic uncertainty. However, several altcoins posted significant gains. WazirX (WRX), the native token of an Indian exchange platform, surged an impressive 162.72%, leading all performers. BitTorrent (BTT) and Nervos Network (CKB) followed with increases of 34.84% and 14.87%, respectively.
At the time of reporting, the total cryptocurrency market capitalization stood at approximately $1.95 trillion**, with a 24-hour trading volume exceeding **$309 billion. Bitcoin maintained its dominance at 55.26% of the total market. Among the top 20 cryptocurrencies by market cap, nine recorded gains, while 54 out of the top 100 were in positive territory.
The weakest performers included UMA (-3.02%), Stacks (-2.83%), and Ankr (-2.62%), indicating selective pressure within specific protocol ecosystems.
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Global Crypto Trading Volume Tops $1 Trillion for Second Consecutive Month
According to data from The Block, March 2025 saw global cryptocurrency trading volume exceed $1 trillion**—marking the second consecutive month reaching this milestone. The total spot trading volume reached **$1.17 trillion, a slight decline of 5% compared to February’s all-time high of $1.23 trillion.
Fiat-denominated trading accounted for $406.5 billion of the total, with Coinbase, Upbit, and Kraken leading as the top three exchanges by fiat volume share at 22%, 21%, and 11%, respectively. This sustained level of activity underscores growing confidence in digital assets among retail and institutional traders alike.
High liquidity and consistent trading volumes are critical indicators of market resilience, especially during periods of price consolidation. They suggest that underlying demand remains strong even when prices are not trending upward.
Ethereum Miners Achieve Record Monthly Revenue
Ethereum mining revenue hit a new all-time high in March 2025, totaling $1.38 billion**, up **0.73%** from February’s $1.37 billion. While transaction fees as a percentage of miner income dipped slightly—from 52.87% in February to 47.22% in March—the decline was offset by a 12.89% increase in block subsidy rewards**.
This shift indicates a temporary rebalancing in network economics, possibly due to reduced congestion or changes in user behavior around gas pricing. Nevertheless, the continued growth in total miner compensation reflects robust usage of the Ethereum network, particularly for DeFi interactions, NFT transactions, and smart contract executions.
As Ethereum prepares for future upgrades aimed at improving scalability and reducing energy consumption, miner revenue trends remain a key metric for assessing network health and economic sustainability.
INX Completes $32M Private Raise Ahead of TSX Listing
Israeli-based crypto platform INX successfully raised 39.6 million Canadian dollars (approximately $32 million USD) through a private placement. The fundraising was executed via a reverse takeover of Valdy Investments, a publicly traded shell company valued at 220 million CAD.
Following the transaction, INX will operate as a wholly owned subsidiary of Valdy, with plans to list its shares on the Toronto Stock Exchange (TSX) pending regulatory approvals. This move positions INX as one of the first regulated blockchain-native companies to gain access to traditional capital markets through a compliant public listing.
The integration of crypto firms into conventional financial systems signals increasing legitimacy and long-term viability within the broader fintech landscape.
Compound's Total Supply Surpasses $15 Billion
DeFi lending protocol Compound has seen explosive growth, with its total supplied assets surpassing **$15 billion**—a 50% increase from $10 billion just over a month earlier on February 20.
As highlighted by Compound founder Robert Leshner, the top three supplied assets are ETH, DAI, and USDC, reflecting user preference for blue-chip collateral and stablecoins. According to DeFi Pulse, Compound now accounts for 19% of total value locked (TVL) across the DeFi sector—approximately $9.24 billion out of $48.75 billion industry-wide.
This positions Compound as the second-largest DeFi protocol by TVL, trailing only MakerDAO but ahead of Aave. The rapid inflow suggests renewed trust in algorithmic lending models and growing demand for yield-generating opportunities in decentralized markets.
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Frequently Asked Questions
Q: What caused WazirX’s token to surge over 160%?
A: While official details are limited, the surge likely stemmed from increased trading activity on the WazirX exchange, potential listing news, or regional regulatory developments favorable to Indian crypto platforms.
Q: Why did Ethereum miner revenue rise despite lower transaction fees?
A: Although transaction fees decreased slightly as a share of income, the overall block subsidy increased due to higher block rewards or improved mining efficiency, contributing to record total earnings.
Q: How does Compound compare to other DeFi lending platforms?
A: Compound competes closely with MakerDAO and Aave. Its strength lies in its governance model, transparent interest rate algorithms, and support for a wide range of assets with automated liquidity provisioning.
Q: What is a reverse takeover (RTO), and why do crypto firms use it?
A: An RTO allows a private company to go public without an IPO by acquiring a publicly listed shell company. It’s faster and less costly than a traditional IPO, making it attractive for crypto startups seeking market access.
Q: Is $1 trillion in monthly trading volume normal for crypto markets?
A: While unprecedented a few years ago, recurring trillion-dollar months reflect maturation. With institutional participation rising and global adoption expanding, such volumes are becoming more sustainable.
Q: Can Shopify integrate DeFi without regulatory issues?
A: Integration would require careful compliance with financial regulations, especially around stablecoin payments and yield-bearing accounts. However, pilot programs or partnerships with licensed entities could enable cautious experimentation.
Fei Protocol Launches with $1.27 Billion ETH Raise
Fei Labs announced the successful completion of the Fei Protocol’s genesis launch, raising 639,000 ETH (valued at ~$1.27 billion) from approximately 17,000 unique addresses. In return, participants received FEI stablecoins and TRIBE governance tokens.
The raised ETH will serve as collateral to maintain FEI’s peg to the U.S. dollar using a mechanism called Protocol Controlled Value (PCV)—a system where the protocol itself manages reserves to stabilize price rather than relying solely on market forces.
Additionally, Fei Labs deployed over $260 million in liquidity to Uniswap, creating one of the largest single pools on the decentralized exchange. This strategic move enhances trading efficiency and reduces slippage for FEI/ETH pairs, supporting broader usability.
Binance Futures Hits Record $10 Billion in Open Interest
Binance Futures achieved a historic milestone with open interest surpassing $10 billion, according to CoinGecko data—a year-over-year increase of nearly 3,900% since March 2024.
Launched in September 2019, Binance Futures is now the largest Bitcoin futures exchange by trading volume. Skew data shows it contributed $4.33 billion in daily volume, representing 18.44% of the global derivatives market.
Such figures highlight growing appetite for leveraged trading products and sophisticated risk management tools among crypto traders worldwide.
Shopify CEO Expresses Interest in DeFi Integration
Tobi Lutke, CEO of e-commerce giant Shopify, sparked industry excitement by publicly exploring DeFi integration possibilities. In a recent tweet thread, he asked the community: “Hey DeFi friends, what trade-related opportunities excite you most? What role should Shopify play?”
Responses ranged from enabling stablecoin payments to allowing merchants to earn yield directly on their Shopify balances through integrated DeFi protocols. Corbin Page from ConsenSys referenced a hacker project that deposits payments straight into yield-generating protocols like Aave or Yearn.
Lutke also shared that he spent an entire morning studying Ethereum smart contracts, particularly focusing on improving ERC-20 functionality. He concluded: “Crypto is a fascinating world.”
This signals growing curiosity among traditional tech leaders about how decentralized finance can enhance commerce infrastructure—potentially paving the way for real-world utility beyond speculation.
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