2025 is going to be another exciting year for crypto.

Here are 5 metrics I'll be watching closely to track the industry's continued progress 👇

1/ Monthly mobile wallet users

Mobile wallets are crucial to bringing people onchain.

The number of monthly users hit an all-time high of 35 million in December.

Source (@a16zcrypto): https://a16zcrypto.com/stateofcryptoindex/

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2/ Adjusted Stablecoin Transaction Volume

Stablecoin adoption is on the rise as infra developments bring down fees.

Visa's adjusted volume filters out inorganic activity from bots and other artificially inflationary practices.

Source (Visa):
https://visaonchainanalytics.com/transactions

3/ ETP net flows (Bitcoin and Ethereum)

As more institutional investors seek to get exposure to crypto assets, it should translate into increased net flows for the ETPs.

Source (Dune via @hildobby):
https://dune.com/hildobby/btc-etfs
https://dune.com/hildobby/eth-etfs

4/ DEX to CEX spot trade volume

As more people come onchain, we expect to see decentralized exchange (DEX) usage increase relative to their centralized-exchange counterparts (CEXs).

DEX share has grown steadily to ~11%.

Source (The Block):
https://www.theblock.co/data/decentralized-finance/dex-non-custodial/dex-to-cex-spot-trade-volume

5/ Total transaction fees (demand for blockspace)

The total amount of USD-denominated transaction fees shows the aggregate demand — that is, the real economic value — for blockspace on a given chain.

Source (Dune):
https://dune.com/metrics/fees

To learn more about why these metrics are my ones to watch, check out my full post https://a16zcrypto.com/posts/article/5-metrics-to-watch-2025/

None of the above should be taken as investment advice or an advertisement for investment services; please see https://a16z.com/disclosures/ for more information.