The Agora by Kaiko returns to Cannes on April 13, 2027
The State
of the European Crypto Market
2025-2026 Trends in Trading Activity.
2025 marked a decisive year for European crypto markets, with EUR-denominated trading volumes reaching €362B annually, representing 31% year-over-year growth and outpacing all major fiat currencies globally. Monthly volumes averaged €28.5B through Q1 2026 despite market turbulence in late 2025, demonstrating resilience built on the regulatory foundation MiCA established in the previous year.
This report examines how European crypto markets transformed regulatory clarity into moderate but consistent growth during 2025-2026, analyzing the mechanisms through which MiCA’s implementation, exchange competition dynamics, and liquidity improvements compounded across the market.
Part 1: The Euro’s Consistent Growth in Crypto
Part 2: Exchange Competition Intensifies
Part 3: European Token Trading Diversifies
Part 4: Euro Stablecoins Consolidate Post-MiCA
Part 5: Euro Market Liquidity Reaches Parity with U.S. Dollar
In Partnership With:
Researched by:
More Data Blogs from Kaiko
![]()
REPORT: The Verticalization Thesis: How Blockchain Revenue Models Are Evolving16/07/2026
Data BlogThis report provides an overview of the evolving business model of blockchain networks. We analyze incumbents and newcomers, showing how each of them leverages verticalization differently to answer a simple question: How is the business model of blockchain networks evolving?
![]()
REPORT: Crypto Exchanges are Building Financial Super Apps for the Next Billion Users15/07/2026
Data BlogThis report examines how leading crypto exchanges are evolving from trading venues into integrated financial platforms spanning trading, yield, payments, custody, and collateral. Using a four-layer framework, it explores how liquidity, retained balances, onchain payments, and institutional collateral rails are reshaping exchange competition.
![]()
REPORT: Measuring Risk in Crypto Options11/06/2026
Data BlogIn this report, Kaiko and MerQube analyze how crypto-native and ETF Bitcoin options priced risk differently across two parallel markets in 2025.
