Morning Minute: a16z’s 'State of Crypto 2025' Highlights Growth & Key Trends

Crypto is growing significantly in user base and market cap—find out what key trends have emerged over the past year, according to a16z.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

Price action may have been mostly sideways so far in 2025.

But 2025 isn’t a hangover year—it’s the year crypto goes mainstream.

At least, that’s what a16z is saying.

Andreessen Horowitz released its 2025 State of Crypto on Wednesday with a clear message: crypto has leveled up.

Literally, with their estimated number of monthly active crypto users growing to 40M-70M, up 10M from last year as the total crypto market cap passed $4T.

The report pairs narrative with data (and a live dashboard) covering institutional adoption, stablecoins, faster/cheaper chains, RWAs, and the crypto–AI crossover.

Here’s a brief TL;DR of the key trends from the report:

The written report also came with a very nice data visualization dashboard, which showed a few other key trends:

People often associate crypto with negative activities (money laundering) or focus on the bad headlines more than the good.

It’s refreshing to see a16z’s annual report to refocus on all the positive things happening in crypto.

And 2025 has truly been a banner year.

Crypto is as exciting as it’s ever been. Don’t lose the plot…

A few Crypto and Web3 headlines that caught my eye:

Here’s a rundown of major token, protocol and airdrop news from the day:

Here is the list of other notable headlines from the day in NFTs:

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