Brazil Cryptocurrency Market Q3 Report: Trading Volume Declines, Ethereum Rises Against the Trend

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Source: PortaldoBitcoin Original Title: Brazil moved R$ 107 billion in cryptocurrencies in Q3 2025 Original Link: https://portaldobitcoin.uol.com.br/brasil-movimentou-r-107-bilhoes-em-criptomoedas-no-3o-trimestre-de-2025/

Market Overview

Despite Bitcoin’s strong rally and approaching record highs, trading volume in Brazil’s cryptocurrency market has declined. Federal Revenue Service data shows that the country’s trading volume from July to September 2025 reached R$ 107 billion, down 8.7% year-over-year, but up 6.6% quarter-over-quarter from Q2.

In the third quarter, approximately 30.5 million reporting transactions were recorded, involving an average of 4.7 million individual accounts and about 100,000 corporate accounts. The number of individual accounts decreased by 5.4% year-over-year, while corporate accounts quadrupled, increasing from 25,000 in July-September 2024 to the current level.

On a quarter-over-quarter basis, the participant base expanded, with the average number of individual accounts increasing by about 23%, and corporate accounts growing nearly 28%, indicating signs of market activity recovery after a slowdown.

Mainstream Asset Performance

Bitcoin continues to dominate, with a trading volume of approximately R$ 10.9 billion in Q3. Although this figure is about 14% lower than the same period last year, it increased slightly by about 4% compared to Q2.

Stablecoins (mainly dollar-pegged tokens, led by Tether) maintain market dominance, with a trading volume of approximately R$ 66.8 billion in Q3. This figure is down 5.4% year-over-year and about 14% lower than Q2, reflecting a recent decrease in usage intensity.

Ethereum stands out as the biggest highlight. From July to September, the trading volume was about R$ 6 billion, nearly double that of the same period last year, with an increase of nearly 95%. Quarter-over-quarter, it grew about 61%, possibly driven by increasing interest in decentralized applications, smart contracts, and new network financial products.

Data Source

The data published by the Federal Revenue Service comes from mandatory reporting by domestic and foreign exchanges and over-the-counter (OTC) transactions by individuals and enterprises.

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