Who is actually using crypto — if media traffic is falling?
Crypto media lost a third of its audience in 2025 while trillions in on-chain volume kept growing
For years, many observers have assumed that news coverage plays a major role in shaping crypto market movements. The logic seems straightforward: attention drives activity. But when we began examining the data more closely, the relationship turned out to be far less obvious.
In a recent study, we analyzed more than a decade of crypto headlines and compared them with Bitcoin price movements. The results suggested that news coverage does not reliably predict price.
We have also seen hints of a similar disconnect before. In our analysis of the Korean market, we observed that crypto media traffic surged even as on-chain activity in the local ecosystem dropped sharply. In other words, attention and actual blockchain usage did not move together.
That raised a broader question for us. If media attention does not predict price — does it at least reflect what’s happening on-chain?
Today, a large share of crypto activity happens directly on blockchain infrastructure. Stablecoin transfers, decentralized exchange trading, and liquidity flows across DeFi protocols provide a real-time view into how the crypto economy is actually being used.
To explore this question, we analyzed global crypto media traffic throughout 2025 and compared it with several key on-chain indicators reflecting liquidity, payments, and trading activity in the blockchain economy.
Methodology overview
We analyzed traffic across 349 online media outlets covering crypto, finance, technology, and general news. Traffic data was sourced from OMI (Outset Media Index), a standardized media index powering Outset Data Pulse (ODP) reports. Within the OMI framework, the dataset is structured and normalized to provide a consistent view of media performance across crypto-related publications, combining performance and operational signals into a unified analytical layer.
The outlets were grouped into two categories: crypto-native media, whose editorial focus is primarily on digital assets, and mainstream media, which cover crypto alongside broader financial, technological, and general news topics.
We then compared monthly aggregated media traffic in 2025 with stablecoin supply, USDT transfer volume, and decentralized exchange (DEX) spot trading volume. These metrics capture different layers of activity within the crypto economy, including liquidity, payments, and trading.
The goal was to examine whether media traffic trends and on-chain activity move together over time. This is the first time we have examined this relationship over a full-year period to see whether longer-term patterns between media traffic and on-chain activity become more visible.
Crypto-native media traffic declined throughout 2025
The first step in the analysis was to examine how traffic to crypto-focused media evolved throughout 2025.
Across crypto-native outlets, total global traffic reached 1.12B visits in 2025. Monthly data, however, shows a clear downward trend over the course of the year.
Traffic peaked in January 2025 with 105.85M visits, before gradually declining during the year. By December 2025, monthly traffic had fallen to 70.78M visits, representing a 33.14% decline compared to January levels.
Although several short-term increases occurred — most notably in July 2025, when traffic rose to 107.41M visits, up 18.42% month-over-month — these spikes were temporary and did not alter the broader downward trajectory. By the fourth quarter, traffic across crypto-native outlets had reached its lowest levels of the year.
Overall, crypto-native media traffic declined from 105.85M visits in January to 70.78M visits in December, a drop of 33.14% over the course of 2025.
Crypto-native media readership is widely distributed across a fragmented landscape
The data shows that, despite the presence of several well-known crypto-native media brands, overall readership remains highly fragmented across the ecosystem.
In 2025, the top ten crypto media outlets generated a combined approximately 280M visits, accounting for around 25% of total global crypto-native media traffic.
Cointelegraph led the ranking with 82.96M visits, representing 7.39% of total traffic. However, its performance was notably impacted by declining search visibility over the course of the year — a trend we previously explored in detail when analyzing how crypto media outlets were affected by changes in Google’s search algorithms.
BeInCrypto and CoinDesk followed with 4.00% and 3.45%, respectively.
Other notable platforms — including BTC-ECHO, Bitcoinist, CoinCodex, CryptoNews, and NewsBTC — each captured between 2% and 3% of total traffic, further illustrating the absence of dominant players in the market.
At the same time, the majority of audience attention is concentrated outside the leading brands. Smaller crypto-native publications collectively accounted for 64.6% of total traffic, highlighting the scale of the long tail.
Overall, the data suggests that crypto media operates in a highly decentralized and competitive environment, where visibility is distributed across a broad range of outlets rather than concentrated among a few dominant platforms.
Mainstream media audiences were far larger and grew significantly in 2025
A different pattern emerges when examining mainstream financial, technology, and general news outlets with consistent crypto coverage.
Across these publications, total traffic reached 6.91B visits in 2025, significantly exceeding the audience size of crypto-native media.
Monthly traffic rose from 366.71M visits in January 2025 to 585.73M visits in December 2025, representing an increase of 59.71% relative to January levels.
The largest spike occurred in March 2025, when traffic increased from 341.20M visits in February to 582.78M visits, a 70.80% month-over-month increase.
After this surge, traffic remained elevated for the rest of the year, generally fluctuating between 600M and 680M monthly visits.
Taken together, these results reveal a clear divergence in media traffic patterns during 2025.
Traffic across crypto-native media declined significantly over the year, while mainstream financial and technology outlets maintained audiences more than six times larger than the dedicated crypto media sector and continued to grow throughout the year.
This divergence raises an important question: do these changes in media traffic move alongside changes in on-chain activity?
Stablecoin liquidity expanded steadily throughout the year
To understand whether media attention moved alongside activity in the blockchain economy, we first examined changes in stablecoin supply during 2025. Stablecoins represent one of the clearest indicators of liquidity within the crypto ecosystem. As the primary settlement layer for trading, payments, and DeFi activity, changes in supply typically reflect shifts in the amount of capital entering or circulating within the market.
According to on-chain data from Artemis Analytics, global stablecoin supply increased steadily throughout 2025. Total supply rose from 216.95B in January to 307.76B by December, representing an overall increase of 41.84% over the course of the year.
Growth was relatively consistent during the first half of the year, with monthly increases ranging between 1.51% and 4.76%. However, the pace of expansion accelerated noticeably during the third quarter.
The most significant increase occurred in August 2025, when stablecoin supply rose by 7.29% month-over-month, the largest monthly inflow observed during the year.
More broadly, the period between July and September marked the most pronounced phase of liquidity expansion. During these three months, supply grew by 5.20%, 7.29%, and 5.22% respectively, pushing total stablecoin liquidity from 252.02B in June to 299.34B by September.
Following this rapid expansion, growth slowed during the final months of the year. Supply plateaued in November and slightly declined in December, though total liquidity remained significantly higher than at the start of the year.
USDT transfer activity surged during the second half of the year
We next examined USDT transfer volume, which provides a proxy for payment and settlement activity across blockchain networks. Because USDT remains the most widely used stablecoin across multiple chains, its transfer activity offers a broad view of transactional flows within the crypto economy.
Unlike stablecoin supply, which increased gradually throughout the year, USDT transfer activity showed stronger volatility and a clear acceleration during the second half of 2025.
During the first quarter, transfer volume declined modestly, falling from 1.16T in January to 1.08T in March, representing a 7.14% decrease relative to January levels.
However, activity began to accelerate rapidly beginning in May, when transfer volume increased by 28.53% month-over-month, rising to 1.41T.
This upward momentum continued through the summer months, reaching 1.74T in July, before experiencing a temporary decline in August.
The most dramatic increase occurred in October 2025, when USDT transfer volume surged to 2.52T, representing a 40.96% increase month-over-month and more than double January levels (+116.60%).
Although transfer activity declined during the final two months of the year, total USDT transfer volume for 2025 reached 18.92T, indicating sustained transactional usage across blockchain networks.
Overall, these patterns suggest that payment and settlement activity within the crypto economy expanded significantly during 2025, particularly during the second half of the year.
On-chain trading activity on decentralized exchanges increased sharply
To capture trading activity within the decentralized finance ecosystem, we analyzed spot trading volume across decentralized exchanges (DEXs). DEX activity provides a useful proxy for on-chain trading demand because these platforms operate directly on blockchain infrastructure and typically reflect organic market participation.
DEX trading volume exhibited a pattern similar to USDT transfers, with moderate activity during the first quarter followed by a strong expansion during the middle of the year.
After declining from 112.45B in January to 98.72B in February, trading activity began to recover gradually through the spring months. Momentum accelerated significantly beginning in May, when DEX volume rose by 16.15% month-over-month, reaching 126.77B.
This expansion continued through the summer, with volume increasing to 158.49B in July and 167.32B by September, representing a 48.78% increase compared with January levels.
The most substantial surge occurred in October 2025, when decentralized exchange trading volume reached 214.68B, the highest monthly level of the year and nearly 91% above January levels.
Although trading activity declined during the final two months of the year, the overall trend remained strongly positive. Total DEX spot trading volume reached 1.76T during 2025, reflecting sustained growth in decentralized trading activity.
These figures suggest that on-chain trading activity expanded significantly during 2025, particularly during periods when liquidity inflows and stablecoin transfers were also increasing.
No consistent lead-lag relationship between media traffic and blockchain activity
To further explore the relationship between media attention and blockchain activity, we conducted a simple time-lag comparison between the two datasets.
Because the analysis is based on monthly data, we examined whether changes in media traffic tended to precede or follow changes in on-chain activity with a one-month lag.
In practical terms, this involved comparing media traffic in a given month with on-chain activity in the following month, and vice versa, to identify potential lead-lag relationships.
The results did not reveal a consistent lag pattern between the two indicators.
Periods of rising on-chain activity were not systematically preceded by increases in media traffic, nor did changes in blockchain activity appear to consistently trigger subsequent changes in media attention.
Instead, the two datasets largely moved independently, with on-chain activity expanding during much of the year while traffic to crypto-native media declined, suggesting that media traffic and on-chain activity did not exhibit a clear lead-lag relationship during 2025.
Media attention and on-chain activity moved in different directions in 2025
To compare these trends directly, we constructed an indexed chart where January 2025 equals 100 across three indicators: crypto-native media traffic, mainstream media traffic, and aggregated on-chain activity.
Using an index allows datasets measured in very different units — media visits, liquidity, transfers, and trading volume — to be compared on a common scale and highlights how each indicator evolved over time.
The comparison reveals a clear divergence.
At the same time, on-chain activity expanded considerably. The combined index of stablecoin liquidity, USDT transfer volume, and decentralized exchange trading rose throughout much of the year, reaching its highest levels in October.
Taken together, these patterns show that media attention and blockchain activity did not move in tandem during 2025. While crypto-native media traffic declined, key indicators of real economic usage — liquidity, settlement flows, and decentralized trading — continued to grow.
In practical terms, this means that analysts and market participants relying primarily on attention-based signals risk missing important shifts in usage that are visible only through on-chain data.
For crypto projects and communication teams, the implications are equally significant. Declining traffic to crypto-native media does not necessarily indicate reduced market activity or user engagement. In 2025, on-chain participation continued to expand even as media audiences contracted, suggesting that user behavior and discovery are increasingly moving beyond traditional media channels.
More broadly, the results point to a structural shift in how attention and activity interact in crypto. As a larger share of market participation happens directly on blockchain infrastructure — and increasingly through social and product-native environments — media traffic does not reliably reflect real economic activity and, in many cases, moves independently from it.
Appendix A: Methodology
Media dataset
The analysis covered 349 online media outlets across crypto, finance, technology, and general news sectors. Traffic data was sourced from OMI (Outset Media Index), a standardized media intelligence framework behind ODP.
Within OMI, media performance and operational data are normalized and structured into a consistent analytical system, enabling comparable insights across crypto, finance, technology, and general news publications.
Each media outlet was classified into one of two broad categories based on its editorial focus.
Crypto-native media include publications whose primary editorial focus is digital assets and blockchain technology. Traffic to these outlets can therefore be considered largely crypto-related.
Mainstream media include financial, technology, and general-interest publications that cover crypto alongside a wide range of other topics. As a result, traffic to these outlets reflects overall readership rather than visits specifically to crypto-related content.
For each outlet, we aggregated monthly global traffic across all domains and language versions of the same brand in order to estimate total audience reach.
Monthly traffic was then summed across outlets within each category to estimate overall media traffic trends during 2025.
On-chain data
To compare media traffic with activity within the blockchain economy, we analyzed three key on-chain indicators representing different layers of crypto usage.
Stablecoin supply was used as a proxy for liquidity available within the crypto ecosystem. Rising supply generally reflects increased capital available for trading, settlement, and DeFi activity.
USDT transfer volume was used as an indicator of on-chain payment and settlement flows. Because USDT remains the most widely used stablecoin across multiple blockchain networks, its transfer activity provides a broad view of transactional usage within the crypto economy.
Decentralized exchange (DEX) spot trading volume was used as a proxy for on-chain trading activity in DeFi markets.
The analysis focuses on DEX spot trading volume rather than derivatives trading, which tends to be significantly larger due to leverage and may not accurately reflect underlying economic activity.
Data normalization
Because media traffic and on-chain metrics are measured in different units, we normalized the datasets using an index where January 2025 equals 100.
This approach allows trends across media traffic and blockchain activity to be compared on a common scale, highlighting relative changes over time rather than absolute values.
Analytical approach
The goal of the analysis was not to establish direct causation between media coverage and blockchain activity, but to examine whether broad directional relationships exist between the two datasets — particularly given that media attention is often used as a proxy for market activity.
The analysis therefore focused on:
comparing monthly trends in aggregated media traffic and on-chain metrics
identifying divergences or similarities in their movement over time
exploring simple time-lag relationships to examine whether changes in media traffic tended to precede or follow changes in on-chain activity
Lag comparisons were tested at several short time intervals to assess whether shifts in media traffic were followed by changes in on-chain activity, or vice versa.
Limitations
Several limitations should be considered when interpreting the results.
First, media traffic reflects the total readership of each publication, rather than visits specifically to crypto-related articles. This limitation is particularly relevant for mainstream media outlets that cover a wide range of topics beyond digital assets.
Second, while the dataset includes traffic referred from social platforms, it does not capture the broader flow of information circulating within social networks themselves. In crypto markets, a significant share of narratives and signals often spreads through platforms such as X, Reddit, Discord, and Telegram before reaching media outlets.
Third, the analysis is conducted at a monthly resolution, meaning that short-term reactions occurring over hours or days may not be captured.
For these reasons, the findings should be interpreted as a comparison between media traffic trends and on-chain activity, rather than a definitive explanation of market behavior. However, the results consistently show that media traffic does not reliably track underlying on-chain activity at the monthly level.
Appendix B: Media traffic and on-chain datasets
*Stablecoin supply reflects liquidity available in the crypto ecosystem, USDT transfer volume represents settlement activity across blockchain networks, and DEX spot trading volume serves as a proxy for decentralized trading activity.