By Bardil 
Crypto asset management firm Bitwise has revealed that certain segments of the digital asset ecosystem are witnessing “raging bull markets,” even as overall sentiment in the asset class remains subdued.
In its latest Q1 2025 report, MATT HOUGAN, Chief Investment Officer at Bitwise, described the first quarter as “frustrating” yet “historically positive.” He highlighted significant growth in stablecoin adoption, Bitcoin futures trading volume, and the tokenization of real-world assets (RWAs).
“What caught my eye is that, despite the pullback in prices, parts of the crypto market are experiencing raging bull markets. For instance: Stablecoins AUM (assets under management) surged to an all-time high of over $218 billion, up 13.50% quarter-over-quarter. Transaction volume also surged 30.14%. Tokenized real-world assets went parabolic in Q1, growing 37.07% quarter-over-quarter to a new all-time high. Regulated Bitcoin futures trading volume and open interest also hit all-time highs, suggesting institutional interest in crypto as a macro trading asset is growing,” said HOUGAN.
Bitwise’s data underscores an explosive uptrend in RWAs over recent years, with 2025 seeing accelerated growth driven by the tokenization of private credit and US Treasuries. Notably, ONDO FINANCE has emerged as a key player in the tokenization of US Treasuries, rivaling traditional finance giants like BLACKROCK, FRANKLIN TEMPLETON, and WISDOMTREE.
Additionally, Bitwise noted that central banks worldwide are signaling a shift towards looser monetary policies and an expansion of M2 money supply, a historically favorable environment for risk assets, particularly digital assets.
For further details, refer to the full report: Bitwise Q1 2025 Crypto Market Review.