A few days ago, Binance published a new report analyzing the consequences of Trump’s election on the crypto world.
The report is titled “Monthly Market Insights – February 2025” and was prepared by JieXuan Chua, CFA, Joshua Wong, Moulik Nagesh, Shivam Sharma, and Jamyson Gouveros of Binance Research.
Summary
Binance report: the consequences of Trump’s election on the crypto market
One of the aspects analyzed by the report by Binance is the impact that Trump’s electoral victory is having on the crypto markets.
The analysts at Binance Research write that the change of administration in the United States, which has shifted to the crypto-friendly Republicans, along with the departure of former SEC chairman Gary Gensler, has triggered a wave of new requests for the issuance of crypto ETFs.
Until 2023 on the USA stock exchanges there was no spot ETF on any cryptocurrency, precisely because the SEC opposed it.
After a court ruling that effectively ordered the SEC to approve spot Bitcoin ETFs, having already approved those on BTC futures, several spot BTC ETFs landed on US exchanges in January of last year, which have been a great success.
In July, the spot Ethereum ETFs also arrived, but their success was much more limited.
With Trump’s victory, and especially with the new course of the SEC after Gensler’s resignation, as many as 47 requests for the issuance of crypto ETFs have been sent to the agency, and more are still coming. Moreover, these requests concern as many as 16 distinct asset categories, including some memecoins.
However, the new approval framework is still under development, therefore the timing for their approval still appears uncertain.
Obviously, the report also mentions the recent launch of $TRUMP and $MELANIA, thanks to which the trading volumes on Solana’s DEX have tripled those on Ethereum.
Other positive initiatives by Trump for the crypto markets have been the creation of a working group to explore the possibility of establishing a national reserve in criptovalute and to develop a regulatory framework for digital assets. Additionally, Trump has banned the creation of a central bank digital currency in the United States, while his son Eric has proposed eliminating capital gains taxes on cryptocurrencies issued by companies based in the United States.
The crypto market
The report by Binance also highlights how the crypto market in January reached its highest capitalization ever, at $3.76 billion USD, driven by a recovery from the December crisis.
However, this momentum faltered at the end of January, when the emerging Chinese artificial intelligence model DeepSeek surpassed ChatGPT as the most downloaded app, triggering a 2% decline in both the US and crypto markets.
Furthermore, at the beginning of February, greater volatility occurred due to concerns about potential U.S. tariff policies, impacting risk assets globally, including cryptocurrencies.
Binance report: Trump pushes the launch of new tokens
Another significant data point is related to the launch of new tokens, thanks to launchpads and the memecoin craze. Now there are more than 37 million tokens, with projections exceeding 100 million by the end of the year.
However, this growth is fragmenting capital in the crypto markets, making it more difficult for tokens to sustain prices and reach high valuations. Additionally, the influx of new tokens fuels speculation, reduces attention span, and discourages long-term holding.
In fact, the majority of new tokens have a negligible market capitalization, so much so that the top 100 tokens alone constitute about 98% of the entire total market capitalization of cryptocurrencies.
The Solana Ecosystem
A chapter is dedicated to Solana.
In fact, the volumes of DEX on Solana have surpassed those of Ethereum since October 2024, and since then they have always remained higher.
The growth of Solana has been driven precisely by its leadership in the memecoin sector, so much so that in the DeFi sector it was one of the few blockchains that showed growth in 2025, thanks to important protocols like Jito, Raydium, Meteora, and Pump.fun.
The Binance report specifically mentions Jupiter, a major DEX aggregator that has acquired the memecoin app Moonshot. Thanks to the announcement of their buyback and burn program, and the launch of their new liquidity aggregation network Jupnet, it has attracted significant attention.
Artificial Intelligence (AI)
However, the report also points out that the DeFAI sector (the DeFi linked to AI) closed January with a negative return of -10%, despite a promising start.
Binance Research, however, also points out that overall the narrative dominance of AI remains robust, capturing 44% of Kaito’s Narrative Mindshare.
The AI tokens, powered by open source developments, represent the rapid expansion of traditional intelligenza artificiale, as the global race for AI intensifies.
They write:
“Tracking the trading patterns of these globally tradable AI tokens could provide key insights into retail interest and the evolution of the AI landscape”.
The report also contains many other things, and many other in-depth data, but the main points are these.
