The State of Crypto Advertising in 2025: Insights from Advertiser Behavior

The crypto advertising in 2025 didn’t move in a straight line. Campaign strategies, budget allocation, and user engagement tend to shift as advertisers respond to market conditions and learn over time.

Working closely with advertisers and publishers allows us to see these changes as they happen. Based on observed advertiser behavior across campaigns and placements, this report:

Reviews crypto advertising activity in 2025;

Compares it with 2024;

Explains what the differences indicate today.

Back in 2024, advertising activity was shaped by expansion. Rapid price appreciation, strong retail participation, ETF-related narratives, and fast-moving themes pushed advertisers to act quickly. Campaigns were launched fast, often in parallel, with a focus on capturing attention during short, high-activity windows.

In 2025, the setup changed: market volatility eased, speculative cycles became shorter, and advertisers adjusted how they planned and paced budgets. Instead of scaling broadly during market moves, campaigns were built with clearer performance expectations, longer runtimes, and more controlled targeting.

Key Takeaways

Across 2024 and 2025, the data points to a clear shift in how crypto advertising is being used.

2025 reflects a more execution-led approach to crypto advertising, with advertisers prioritizing consistency over rapid experimentation.

Advertisers focused on steady, year-round visibility, rather than concentrating spend only during high-volatility market moments.

Campaigns ran longer and with fewer restarts, resulting in more stable impressions per campaign.

Delivery focused on fewer publishers and placements, resulting in reduced month-to-month volatility.

Geographic reach remained global, but advertisers favored stable Tier 1 markets for sustained campaigns.

Device usage trends suggest higher-intent engagement, with desktop gaining share as research-driven behavior increased.

So, lower raw volume in 2025 reflects tighter execution and clearer prioritization, not reduced interest in crypto advertising.

Performance Snapshot: January – December

Looking at the full year, the crypto advertising in 2025 shows lower overall volume than in 2024. However, the difference is best explained by how advertisers behaved, not by a drop in interest.

For context, 2024 was driven by expansion, with frequent launches and aggressive testing, while 2025 shifted toward more deliberate execution. Thus, impressions per advertiser clearly illustrate this change.

Impressions/Advertiser

In 2024, impressions per advertiser were highly volatile, often exceeding 3 million in peak months and averaging around 2 million for the year. In 2025, impressions stayed within a narrower range, averaging about 1.87 million.

Despite ongoing market fluctuations, many advertisers sought stability and kept campaigns running consistently throughout the year, not just during peak periods. This signals a more mature approach to visibility, where being present throughout the year is valued more than reacting only to bull-market spikes.

Impressions/Campaign

A similar pattern emerges when examining impressions per campaign. During 2024, impressions per campaign declined steadily from ~615k in March to under ~310k by the fall, averaging ~400k impressions per campaign, as budgets were spread across many parallel campaigns.

In 2025, impressions per campaign stabilized and increased in the second half of the year, averaging ~375,000 per campaign, despite fewer active campaigns overall. This suggests advertisers focused on fewer setups and invested more consistently in campaigns that delivered results, rather than frequently restarting or replacing them.

Impressions/Publisher

When looking at impressions per publisher over a two-year period, a clear shift becomes visible. In 2024, impressions per publisher spiked during high-activity periods and averaged nearly 1 million, reflecting broad but uneven delivery.

In 2025, impressions per publisher were lower but averaged ~774,000, with much less month-to-month variation, pointing to steadier delivery across a smaller set of placements. Part of this shift aligns with a broader change in how users consume information.

Both advertisers and publishers noted increased use of AI tools for research and discovery, reducing direct traffic to traditional websites. This trend is visible across multiple verticals, not just crypto, and has contributed to lower volumes on many sites, while increasing the importance of consistent, high-quality placements.

Timing & Short-Term Market Effects in 2025

Looking at timing across the year, in early 2025, advertising activity increased briefly, driven by a wave of political-themed memecoins around the US presidential inauguration. Several election-inspired and TRUMP-themed tokens were actively promoted in Q1, leading to a short-lived spike in campaign launches.

The trend faded quickly. From Q2 onward, advertiser behavior became more deliberate. Fewer new campaigns were launched, budgets were planned more carefully, and campaigns that delivered results stayed live longer instead of being frequently restarted.

Campaign Activity & Market-Driven Trends

While the performance snapshot outlines structural changes, campaign activity highlights how advertisers adjusted their campaign setup over time.

In 2024, advertisers ran around 5.5 campaigns per advertiser on average, with this figure rising from March through mid-summer and peaking above 6 campaigns per advertiser. This period coincided with strong market momentum, as Bitcoin moved above $69k and closed March around $71k, later surpassing that level. Fast price movements and shifting narratives encouraged parallel testing and frequent campaign changes.

As a result, advertisers ran more campaigns simultaneously, adjusted budgets frequently, and spread delivery across multiple active setups.

In 2025, advertisers reduced parallel testing. Campaign activity settled at around 5 campaigns per advertiser, with higher values concentrated in Q1 and a gradual decline toward Q4 as market conditions stabilized.

Campaigns were launched more selectively and kept alive longer once performance was confirmed. This led to lower churn and more consistent delivery per campaign, reflecting a shift from experimentation toward focused execution.

Geographic Reach & Traffic Distribution

Geographic reach remained largely consistent between 2024 and 2025, but the way advertisers used markets changed. The shift was not about expanding into new regions, but about where budgets were focused and kept active.

Across both years, the main markets remained the United States, Indonesia, India, Germany, and Russia. In 2025, however, advertisers showed a stronger preference for stable, well-defined markets, especially in Tier 1 regions.

The United States remained the most consistent market. Campaigns here tended to run longer and received steadier impression allocation, driven by research-heavy usage, institutional interest, and ongoing regulatory attention.

Germany and France appeared more often in the 2025 campaign plans. Increased regulatory clarity and more professional participation made these markets better suited for sustained visibility rather than short testing cycles.

Indonesia and India continued to deliver strong reach, mainly through mobile traffic. Compared to 2024, delivery in these markets showed fewer sharp spikes, suggesting a more controlled pace rather than burst-driven exposure.

Device, Operating System, & Browser Insights

User access patterns remained stable year over year, reinforcing that the changes observed in 2025 were driven by advertiser behavior rather than shifts in audience composition.

Device and Operating Systems

In both 2024 and 2025, mobile environments accounted for roughly 60% of OS-attributed impressions, while desktop environments accounted for about 40%. Within 2025, however, usage patterns shifted over time:

Q1 2025: mobile-dominant, reaching up to 62%

Q4 2025: desktop share increased to ~45-46%

This change suggests a move away from casual browsing toward more research-oriented behavior, typically associated with desktop usage, longer sessions, and higher-intent activity.

Browser Usage

Browser distribution remained highly consistent across both years:

Chrome accounted for around 70% of impressions.

Safari maintained a share of ~21-22%.

The remaining browsers accounted for a small residual portion.

This consistency confirms that advertisers continued to reach the same audience. What changed was user intent and engagement context, not the platforms users used to access crypto content.

Inventory Quality

Inventory counts were lower in 2025, but delivery quality and consistency remained stable. The change reflects how advertisers used inventory, not a loss of available reach.

Impressions per ad zone declined slightly compared to 2024 but remained stable, averaging ~244k impressions per ad zone across the year, without sharp drops or volatility.

Ad zones per publisher remained steady at ~3.1–3.3, indicating a balanced inventory structure and consistent placement density.

Together, these numbers indicate inventory consolidation rather than inventory loss, with advertisers concentrating impressions on fewer, higher-performing placements rather than spreading delivery across low-impact zones.

Final Thoughts

As the market continues to mature, crypto advertising increasingly resembles a performance discipline rather than a speculative response to price movement. Crypto advertising in 2025 reflects a clear move toward maturity. It increasingly resembles a performance discipline rather than a speculative response to price movement.