Two Prime’s $827 million in Bitcoin-backed loans and BlackRock’s ETF crossing 800,000 BTC signal surging institutional trust in crypto credit and assets.
Global DeFi TVL hits $237 billion, driven by stablecoin inflows and RWA tokenization, even as retail participation dips.
Solana’s $706 million institutional inflows and new JupUSD stablecoin mark a breakthrough for decentralized liquidity and mainstream adoption.
The third quarter of 2025 delivered major milestones across the crypto ecosystem, from institutional Bitcoin lending records and surging DeFi liquidity to Solana’s accelerating market dominance and record inflows into crypto ETFs. Here’s a complete roundup of the day’s biggest developments shaping the digital asset landscape.
Institutional Bitcoin lender Two Prime has set a new benchmark with $827 million in Bitcoin-backed loans and credit facilities issued in Q3 2025, taking its cumulative total to $2.55 billion since launch in March 2024.
Backed by a $20 million investment from MARA Holdings, Two Prime has emerged as a leading Bitcoin credit provider, serving miners, hedge funds, and corporate treasuries seeking yield and risk-managed lending solutions.
CEO Alexander S. Blume attributed the record quarter to a surge in institutional adoption and the rise of “sophisticated lending and derivatives strategies” tailored for large-scale Bitcoin holders.
According to DappRadar’s Q3 2025 report, decentralized finance continues to thrive even as user engagement softens. DeFi total value locked (TVL) climbed to an all-time high of $237 billion, while daily active wallets fell 22% to 18.7 million.
The report highlighted a divergence between institutional capital inflows and retail participation, noting that liquidity surged even as SocialFi and AI-focused DApps lost momentum, the latter seeing user counts drop by over 1.7 million quarter-over-quarter.
Stablecoin inflows topped $46 billion in Q3, led by Tether (USDT) and Circle’s USDC. Ethereum maintained dominance with $119 billion in TVL, while BNB Smart Chain grew 15% due to the rise of the Aster perpetual DEX, and Plasma debuted impressively with $8 billion in TVL in its first month.
Jupiter, Solana’s leading DEX, has partnered with Ethena Labs, creators of USDe, to launch a new Solana-native stablecoin called JupUSD.
Set to debut in Q4 2025, JupUSD will initially be backed 1:1 by USDtb, a regulated stablecoin tied to BlackRock’s BUIDL tokenized fund, with plans to incorporate USDe-based collateral later.
Jupiter will convert $750 million worth of USDC from its liquidity pools into JupUSD to boost adoption. The token will be integrated across Jupiter’s trading, lending, and mobile platforms, serving as a key liquidity asset for Meteora, Jupiter Lend, and upcoming DeFi products.
With over $14.8 billion locked in USDe and investor backing from Binance Labs, Fidelity, and Franklin Templeton, Ethena’s collaboration with Jupiter could bring transformative liquidity to Solana’s ecosystem.
Also Read: When Could Ethereum Reach $5,000? A Realistic Timeline
BlackRock’s spot Bitcoin ETF (IBIT) has surpassed 800,000 BTC in assets under management, equivalent to about $97 billion, less than two years after its January 2024 debut.
The ETF saw $4 billion in inflows over the past week alone, lifting total US spot Bitcoin ETF inflows to $5.7 billion across eight days. With IBIT now controlling 3.8% of Bitcoin’s total supply, it has overtaken Michael Saylor’s MicroStrategy (640,031 BTC) by a wide margin.
Capturing 10% of total US ETF inflows. Analysts said the inflows reflect “persistent structural demand” for Bitcoin as a strategic reserve asset, boosted by easing geopolitical tensions following the Trump-brokered Middle East peace deal.
Also Read: Bitcoin News Today: BitMEX Co-founder Arthur Hayes Says Bitcoin’s Four-Year Cycle is Over
Solana (SOL) continues to solidify its position as the second-largest DeFi network, with institutional inflows hitting $706 million in early Q4, triple that of XRP ($219 million).
CoinShares data shows Solana exchange-traded products now outpacing all altcoins amid growing expectations of spot Solana ETF approvals.
On-chain activity supports the bullish trend: DEX volumes hit $129 billion, surpassing Ethereum’s $114 billion, while network fees surged 22%. Solana’s TVL rose 8% month-over-month to $14.2 billion, led by Kamino, Drift, and Orca.
Analysts predict that if ETF approvals align with positive macro conditions, Solana could target the $300 level in the near term.
Crypto exchange-traded products have already outpaced last year’s full inflows, with $48.7 billion recorded year-to-date.
While Bitcoin funds continue to lead with $30 billion (62% share), Ether products have surged dramatically to $14.1 billion, nearly tripling their total for 2024. This growth lifted Ethereum’s share of total ETP inflows from 11% in 2024 to 29% in 2025.
Solana ($2.7 billion) and XRP ($1.9 billion) lead, underscoring continued diversification in institutional portfolios.
Analysts expect the momentum to accelerate with pending SEC approvals for new altcoin ETFs, marking a new phase of mainstream integration in crypto finance.
1. What is driving DeFi’s record $237 billion in TVL?
Institutional capital, stablecoin inflows, and RWA tokenization projects like Plasma have propelled DeFi to new highs.
2. How significant is Two Prime’s Bitcoin lending milestone?
Two Prime’s $827 million quarter and $2.55 billion total lending showcase growing institutional demand for Bitcoin-backed credit solutions.
3. What is JupUSD, and why is it important for Solana?
JupUSD, launched by Jupiter and Ethena, is a Solana-native stablecoin backed by regulated USDtb assets and later by USDe collateral, expanding DeFi liquidity.
4. How much Bitcoin does BlackRock’s ETF hold now?
BlackRock’s IBIT ETF holds over 800,000 BTC ($97 billion), representing 3.8% of Bitcoin’s total supply, a historic milestone.
5. Are institutional investors shifting beyond Bitcoin?
Yes, with Solana and Ethereum ETPs attracting billions in inflows, institutions are diversifying into next-generation blockchain ecosystems.
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