
Methodologically, 2025 marks a notable pivot. Chainalysis, in a fit of prudence, “removed the retail decentralized finance (DeFi) sub-index” after concluding it over-weighted a “relatively niche behavior,” and added a new institutional activity lens capturing transfers over $1 million, reflecting the post-ETF surge in professional participation. The aim, they write, is a “fuller view of global crypto engagement, capturing both bottom-up (retail) and top-down (institutional) activity.” One cannot help but admire their ambition, though one wonders if they might not be biting off more than they can chew. 🧐📈