The crypto market lost over $300 billion in Q2 and ended June at its lowest level since September 2024, CoinGecko says.
The combined value of all cryptocurrencies fell 12.6% in Q2, from $2.4 trillion to $2.1 trillion, according to a Thursday report from CoinGecko, which marked the industry’s third consecutive quarterly decline and left the market about 52% below its October 2025 peak.
Bitcoin declined by about 14% throughout the quarter, with Ethereum dropping by more than 25%, despite positive performance by stocks in the U.S. market. As CoinGecko notes, April started out quite well but was followed by the worst performance seen this year, which occurred in June.
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The analysts linked the selloff to rising ETF withdrawals, a hawkish Federal Reserve, and shifting tensions between the United States and Iran as well as Strategy’s sale of part of its Bitcoin holdings.
Average daily crypto trading volume also fell nearly 21% from the previous quarter, the data shows.
Even Stablecoin Were Hit
The weakness spread to stablecoins as their combined market capitalization fell by $4.8 billion, or 1.6%, to $305.1 billion. It was the sector’s first quarterly contraction since the third quarter of 2023, which CoinGecko described as a sign that capital was leaving the industry rather than simply moving from volatile tokens into stablecoins.
Circle’s USDC▲$0.9999 suffered the largest decline, losing $3.7 billion to end the quarter at $73.5 billion, while Tether’s USDT▲$0.9991 added about $300 million to reach $184.4 billion.
Centralized cryptocurrency exchanges were also affected with trading volumes dropping by approximately 28% to $1.9 trillion.
Prediction markets were a rare exception though, with activity rising 48.7% to $113.8 billion as sports betting surged during events including the World Cup, NBA Finals and Wimbledon.
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