Crypto Salaries Drop Despite Bitcoin Surge
Even though Bitcoin has had a remarkable rally this year, salaries in the cryptocurrency sector are declining. Many companies are focused on cost management and adjusting salaries after years of rapid growth.
A recent report highlighted that the economic downturn has impacted nearly all job roles and locations, with cash salaries and token incentives down from last year’s figures. The findings are part of the 2024/2025 Cryptocurrency Rewards Report from venture capital firm Dragonfly.
“Overall, we think that 2024 and early 2025 might be viewed as a bear market for crypto rewards, and the industry still appears relatively immature compared to traditional sectors,” the researchers noted.
This setback signifies a cooling-off period for an industry that was once synonymous with explosive growth and hefty paychecks.
However, as the cryptocurrency market stabilizes and the regulatory frameworks mature, companies seem to prioritize agility over structure, reshaping how talent, capital, and risk are managed in the global crypto landscape.
The study collected data from 85 companies and over 3,000 roles, revealing that average total compensation has decreased at most seniority levels, indicating a significant drop in pay across the industry.
Hiring has slowed down too, with the average time to fill a position being about 3.8 weeks and four interviews per role. Around 68% of offers are accepted, though a lot of rejections are due to salary concerns. Salaries have dropped across almost all levels, with mid-level roles seeing stagnant growth and entry-level positions experiencing the steepest cuts.
The only significant increases were found at the executive level, creating what the Dragonfly report terms a “barbell effect.” This pattern is particularly noticeable in product and engineering roles, where benefits are concentrated at the top, leaving many employees facing stagnant or reduced pay.
The report indicates that entry-level positions make up about 10% of roles, while engineering departments represent roughly two-thirds of the workforce. Non-technical positions in design, product, and marketing are relatively limited.
Western Europe continues to be a stronghold for the cryptocurrency workforce due to its concentration of venture funding, regulatory clarity, and robust institutional infrastructure. The European market, including the UK, Germany, and France, forms the backbone of cryptocurrency development, supported by a mature capital market and a regulatory environment fostering innovation.
Interestingly, the share of hiring in Asia has nearly doubled, climbing from about 20% to over 40% of surveyed companies. The US maintains its lead in cash salaries, with international teams offering more substantial equity and token incentives.
Regardless of these geographic shifts, a remote working model remains prevalent in the cryptocurrency industry. According to Dragonfly’s data, over 54% of surveyed companies operate fully remotely, while only 2% require employees to be in-office.
