Digital Assets: Quarterly Review and Outlook Q3

Our Q3 2025 Quarterly Review and Outlook analyzes the key trends that shaped the digital asset market. This report offers an in-depth look at the CoinDesk 5 and 20, their outperformance amid declining Bitcoin dominance, and detailed metrics for key assets such as ETH, SOL, and XRP.

October 7, 2025

Report Summary

Bitcoin (BTC) concluded the third quarter with a strong showing, reaching $114,000 by the end of September - closing the quarter with a return of 6.40%.

During the last quarter, public companies' aggregate Bitcoin holdings rose by 20.4% after adding another 190,618 BTC, bringing the total to 1.13M BTC.

Altcoins finally had their moment in the spotlight in Q3 as capital rotated toward them, reflected in Bitcoin's dominance, which fell from 65.2% to 59.0%.

CoinDesk’s multi-asset indices including the CoinDesk 5 (CD5), CoinDesk 20 (CD20), CoinDesk 80 (CD80) and CoinDesk 100 (CD100) all outperformed Bitcoin in Q3.

CD20 recorded the highest returns amongst the indices with a quarterly return of 30.8%, followed by CD100 with 27.8%.

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Please note that our , , , and has been updated.

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Digital Assets: Quarterly Review and Outlook Q3

Report Summary

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