The third quarter of 2025 confirmed the strong return of the crypto market, amid U.S. monetary easing and a renewed appetite for risk. Bitcoin and Ethereum set new all-time highs, but it is primarily the structure of the on-chain market that has evolved significantly. In his new quarterly briefing, @BukovskiBuko3 analyzed over 30 macro, on-chain, and financial indicators to provide a comprehensive overview of the period: 👉 Asset performance: Ethereum (+72%) outperformed Bitcoin (+8%), while gold rose by +16%, confirming the coexistence of safe-haven assets and risky assets. 👉 Capital flows: over $9.2 billion flowed into Ethereum, six times more than all other blockchains combined. Solana confirmed its comeback with +$1.5 billion, while Tron maintained a strong position thanks to its transaction revenues. 👉 TVL and on-chain economy: the total value locked on L1s surged by 68%, driven by the recovery of DeFi and the growth of real asset tokenization. Ethereum accounts for 56% of the total, far ahead of Solana and Avalanche. 👉 Stablecoins: the supply increased by $46 billion in the quarter, almost exclusively on Ethereum and Solana, a sign of the massive return of liquidity to the markets. 👉 Network activity: Hyperliquid now dominates on-chain transaction volume with over 2 billion weekly operations, while Solana remains the leader in active users (50 million per week). 👉 Developers: Ethereum maintains a clear lead, with nearly 200 active weekly developers, a testament to its technological vitality. 👉 Relative valuation: Near appears to be the most undervalued L1 per active user ($67 per WAU), while Cardano remains one of the most disconnected from its economic fundamentals. 🏆 The big winners of the quarter: 1️⃣ @Ethereum, the institutional engine of the market and pillar of tokenized finance. 2️⃣ @HyperliquidX, a new transactional benchmark and effective deflationary model. 3️⃣ @Solana, a public ecosystem with record activity. 4️⃣ @trondao, champion of monetization via stablecoins. 5️⃣ @NEARProtocol, a network with strong revaluation potential. In the background, the Fed's rate cuts and the rise of gold remind us that caution is still warranted: the current monetary easing could mask a deeper economic slowdown. A pivotal quarter that @TheBigWhale_ decodes in depth: performance, flows, inflation, valuation, TVL, stablecoins, revenues, users… everything is covered to understand how the new on-chain economy is structured. 👉 The link to the Briefing: