March 26, 2025 — The crypto market has entered a phase of rapid evolution and expansion, with invigorated institutional traders driving demand for more advanced trading strategies, platforms, and technology infrastructure.

The crypto market tops $2.5 trillion in market capitalization and the growth propelling the market to these record levels is from an increasingly diverse mix of assets and strategies. Today, traders are active in a host of markets, including cryptocurrencies, altcoins, DeFi tokens, on-exchange and off-exchange futures, perpetual futures, and options and this growth seems poised to continue.

Among firms active in digital assets, 42% have now deployed sophisticated strategies, including long/short, multi-strategy, and index strategies, driving demand for trading platforms and tools that can support these approaches. Roughly two-thirds of the crypto buy-side now trade some type of crypto derivatives, including futures, options and perpetual futures.

“As crypto markets become bigger, more mature and more institutionalized, we are witnessing a growing appetite for more complex risk-taking, hedging and investment strategies,” says David Easthope, Senior Analyst for Crisil Coalition Greenwich Market Structure & Technology and author of Digital Asset Trading 2025: A Market in Transition.

Fast-Evolving Market Structure
The growing presence of more institutions is already having an influence on how crypto market structure evolves. Nearly 45% of investors today prefer trading spot crypto on regulated venues—a trend that is likely to continue as venues list more assets.

Meanwhile, the increasing use of settlement networks is making counterparty risk more manageable, allowing for greater flexibility in trading and custody arrangements. Looking ahead, institutional requirements will help accelerate the emergence of full-stack providers that offer integrated brokerage services, including trading, settlement, and staking.

“The expansion of crypto market structure, including investing, trading, and technology trends, will continue to drive demand for new trading tools, services, and solutions that support the evolving needs of institutions,” says David Easthope.

Digital Asset Trading 2025: A Market in Transition, highlights the rapid evolution and expansion of crypto markets, including growth and evolution of spot market trading, the needs and preferences of institutional crypto traders, and the boom in crypto derivatives.