Crypto’s Summer Surge: Why Bitcoin Isn’t Stealing the Spotlight in 2025

The crypto market is sizzling this summer—but don't credit Bitcoin for the heatwave.

While BTC flatlines, altcoins and DeFi protocols are posting double-digit gains, fueled by institutional adoption and regulatory tailwinds. Ethereum's Shanghai upgrade finally delivered scalability, while Solana's Firedancer client crushed its 'ghost chain' reputation.

Even TradFi dinosaurs are getting in on the action. BlackRock's tokenized fund just hit $1B AUM—though we all know they're just chasing the 27% yields us degens took for granted.

One hedge fund manager (who asked not to be named) put it best: 'This isn't your 2021 meme coin frenzy. The market's growing up—even if Wall Street still doesn't understand the tech.'

So where's Bitcoin in all this? Playing digital gold—stable, boring, and utterly predictable. Meanwhile, the real innovation happens elsewhere. Some things never change.

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Home to the fastest-growing major stablecoin over the past year, Circle shares are up more than 400% from its IPO price of $31 per share. As our colleague Ines Ferré reported, the company has been at the center of Optimism over the stablecoin market following the passage of the GENIUS Act, legislation that creates a framework for digital tokens backed by assets such as the US dollar.

Circle makes much of its money from interest income, specifically from short-term Treasury bills backing its stablecoin, USDC. After announcing a new blockchain network for stablecoin finance on Tuesday, shares ROSE another 3%. It's a play that could deliver some of crypto's promise for innovation to the financial services industry, and Wall Street and investors are paying attention — and making sure they're involved.

Bitmine's surge highlights another pillar of crypto's ascendance in the financial world: the rise of crypto treasury companies. Riffing off the playbook of Strategy (MSTR), which sells new shares and debt to buy and hold more bitcoin, other players are finding success by accumulating other currencies, like ethereum.

Bitmine, whose board is led by investor Tom Lee, announced this week that its holdings of ETH now account for roughly 1% of all tokens in circulation, sending the stock up more than 14%. The company's goal is to eventually reach 5% of the world's outstanding ETH tokens. Shares have surged over 600% this year.

As this newsletter has written recently, the crypto accumulation strategy isn't working for every imitator, but it does work, as Bitcoin continues to climb.

But it's not just the dominant tokens that are gaining steam. Over the past week, the 10 largest digital currencies, according to data from CoinMarketCap, have gained. As our colleague Jake Conley reported, Ripple (RIPL.PVT) and chainlink (LINK-USD) are among the altcoins rallying, fueled by an acquisition of a payment platform and the launch of a token reserve, respectively.

The heady action seems far removed from the crypto winters of the past. But if this is the dawn of a new financial system, as crypto bulls like to profess, this summer is making it a lot easier to make that case.

Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban.