The year 2025 was not a classic bull market for the entire cryptocurrency market. Capital flowed selectively and mercilessly skipped most sectors. CoinGecko data clearly shows where the money actually was.
The post published on platform X by Wu Blockchain, a well-known commentator on the cryptocurrency market, drew attention to specific numbers. The author referenced the CoinGecko report "Crypto Narratives Ranked by Returns 2025". This compilation helps to understand why many investors experienced losses despite strong media narratives.
Where did the capital go in 2025?
According to CoinGecko data, the undisputed winner of 2025 was the RWA (Real World Assets) narrative. This sector recorded a return of +185.76%. No other market segment came close to this result. The CoinGecko report stated:
“The RWA narrative’s profitability was largely driven by the outperformance of Keeta Network (+1,794.9% YTD), Zebec Network (+217.3% YTD) and Maple Finance (+123.0% YTD). That said, the RWA narrative this year was only a quarter as profitable compared to last year’s 819.5% gains.”
RWA includes projects focused on the tokenization of real assets. This refers to bonds, real estate, or financial instruments. Institutional capital views this area as a bridge between traditional finance and blockchain. This is a key reason for such strong growth.
The second place was taken by Layer 1 projects, which achieved +80.31%. Investors continued to bet on the fundamentals of blockchain infrastructure. Base networks attracted liquidity despite significant technological competition.
In third place was the Made in USA narrative with a result of +30.62%. This sector benefited from regulatory changes and geopolitical narratives. Capital sought projects perceived as legally safer. CoinGecko added:
“The only other narrative that has a chance to end the year with a profit is Made in USA, which achieved an average profit of 30.6% since the beginning of the year. This was entirely driven by high Zcash profits, which offset the moderate losses incurred by all other representative tokens of Made in USA.”
These data clearly show that in 2025 the market rewarded concentration. If an investor was not in these areas, they were losing relative to the market.
The losers of the cycle and a lesson for investors
The CoinGecko report also points to sectors that performed the worst. The worst performance was recorded by the DePIN narrative, losing −76.74%. The Gaming sector fared little better, dropping by −75.16% when capital was not held.
Moreover, both segments were heavily promoted in previous years. However, in 2025 they did not deliver real capital flows. Investors stopped financing narratives based solely on future promises.
Wu Blockchain, as an experienced market observer, rightly emphasizes the importance of capital rotation. The CoinGecko report also confirms that the market does not forgive a lack of adaptation. In other words, the popularity of narratives does not equate to profits.
Capital flows where there is real demand, regulatory advantage, or institutional interest. Meanwhile, as one user observed, capital rotation in 2025 was ruthless. A user on X commented:
“The rotation was ruthless in 2025. RWA not only won but also absorbed liquidity from everything else. Narratives do not die, they hibernate.”
The year 2025 was a market of choice, not a widespread bull market. As a result, CoinGecko data shows that profits concentrated in narrow segments. An investor who understands where capital went gains an advantage for the next cycles. In cryptocurrencies, a narrative without capital quickly loses significance.
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