The Top Cryptos Right Now Aren’t Tokens: Here’s What’s Leading the Crypto Market

Key Insights:

• Crypto equities are outperforming major tokens
• TradFi adoption and regulation are driving this cycle
• Few public crypto firms, high investor demand
• Altcoins suffer from oversupply and weak demand

Crypto equities have outpaced major tokens this month, with Circle Internet Group surging 162% since its June 2025 IPO, Coinbase jumping 43% in June, and Robinhood up roughly 30–35% over the last 30 days.

Crypto Equities Lead the Crypto Rally

Circle Internet Group (CRCL) debuted on June 7, 2025, at $31 and closed June 30 at $81, marking a 162% rise in three weeks.

Coinbase Global Inc. (COIN) was added to the S&P 500 on May 19 and led that index in June with a 43% gain. Robinhood Markets (HOOD) likewise climbed from $77.86 on June 23 to $84.52 on June 26, a 8.5% gain in three trading sessions and roughly 30% over 30 days.

Bitcoin has gained just 15% in H1 2025, trading around $107,500 on June 30, up from $93,500 at year‑start.

Ethereum barely budged, slipping 3.5% from its $2,521 peak on June 20 and trading near $2,500 at month‑end. Solana posted a 2.7% drop over 30 days, moving between $131 and $153 since June 1.

Analysts point to a classic supply‑demand imbalance. TradFi allocators command trillions in capital but have only a handful of public crypto‑focused firms.

Circle, Coinbase and Robinhood together represent under $150 billion in market cap versus $2 trillion chasing direct token exposure.

ARK Invest sold $110 million of Circle shares on June 24 but bought $24.4 million of Robinhood and $1.3 million of Coinbase stock the same day .

Bernstein lifted its price target on Coinbase by 65%, while Barclays and Goldman Sachs initiated coverage on Circle post‑IPO, according to a Reuters report.

MicroStrategy’s Proxy Role

MicroStrategy Inc. (MSTR) has gained 5.4% in the past 30 days and 32.6% year‑to‑date, driven entirely by its 423,650‑coin Bitcoin treasury.

The stock now trades around $384, up from $290 at the start of June, and carries a market cap exceeding $105 billion. Investors view MSTR as a leveraged Bitcoin play within a regulated equity wrapper.

Token markets contend with oversupply: over 20,000 listed coins fragment demand. Retail volumes have shifted toward futures and options on major tokens, leaving spot markets thin. Even top caps can’t match equity gains.

Spot Bitcoin ETFs have bolstered crypto equities by proving regulatory acceptance of digital‑asset investment products.

BlackRock’s iShares Bitcoin Trust alone amassed over $37 billion in inflows and reached $52 billion in assets in its first year.

State Street forecasts that crypto ETFs will surpass the combined assets of North American precious‑metal ETFs—$136 billion—by year‑end 2025.

The SEC will rule on a wave of spot ETFs in H2 2025, with approvals likely in July for multi‑asset crypto index funds and October deadlines for Solana, XRP and Litecoin products. Approval of these funds could channel additional institutional capital into listed crypto equities.

Outlook: Equities vs. Tokens

Regulatory clarity and TradFi engagement suggest crypto equities may retain the lead. Equities offer familiar structures, audit‑ready financials and established custody. Tokens still grapple with compliance, fragmented markets and narrow trading bands.

For investors seeking outsized returns in digital‑asset markets, the data point to stock tickers over token symbols. In this cycle, the best‑performing crypto assets aren’t coins at all but the firms enabling and institutionalizing the crypto economy.