Crypto Liquidity Engine Cools: Stablecoins, ETFs, and DATs Hit $560 Billion, But Growth Plateaus

A new report from Wintermute highlights that the collective market value of key crypto liquidity drivers—stablecoins, exchange-traded funds (ETFs), and digital asset trusts (DATs)—has soared from $180 billion in 2024 to $560 billion by November 2025, representing a greater than threefold increase.

However, after an explosive year of growth driven by institutional inflows and new products (like spot Bitcoin and Ethereum ETFs), this momentum is now decelerating. Wintermute suggests these key liquidity engines are entering a consolidation phase.

Key Growth and Slowdown Factors:

• Explosive Growth:The surge was powered by:
  • Stablecoins (USDT, USDC, PYUSD): Continuing to serve as the core on-chain trading and settlement layer.
  • ETFs: Adding massive institutional depth, especially with the introduction of spot Bitcoin and Ethereum products.
  • DATs: Bridging traditional finance and DeFi, pushing the total liquidity base past the half-trillion-dollar mark.
• Plateau: Since August 2025, the rate of growth has slowed significantly. Analysts attribute this to:
  • Macro Tightening
  • Profit-Taking
  • Reduced Stablecoin Minting after a risk-on period earlier in the year.

The data suggests crypto liquidity may have reached a cyclical peak for now, with the 3-month rolling change in Net Asset Value (NAV) flattening.

The Road Ahead:

The focus is now shifting to what will fuel the "next liquidity wave." Potential drivers include:

• Tokenized U.S. Treasuries and real-world asset ETFs.
• Layer-2 settlement tokens and cross-chain stablecoin protocols.

Wintermute concludes that while the initial phase of institutional liquidity expansion may be maturing, the underlying infrastructure is stronger than ever. The next phase will be defined by how effectively this immense pool of liquidity flows into risk assets and tangible, real-world applications.

November 2025, Cryptoniteuae