The crypto job market in early 2025 was anything but predictable. As Zackary Skelly, Head of Talent at Dragonfly, shared in a recent X thread, the first half of the year saw massive swings driven by macro events, record job cuts, and a surprising rebound in candidate interest. Drawing from market data and thousands of conversations, this report highlights key lessons for anyone navigating blockchain careers or building teams in this space.

The Hot Start and Sudden Chill

Kicking off the year, January 2025 looked promising for crypto hiring. Job postings surged by 60% compared to December, with 301 new roles added. Sales and business development positions led the charge, up 75% year-over-year as companies chased the bull market momentum. Candidate enthusiasm was sky-high, reflecting the industry's strengthening fundamentals despite broader economic noise.

But February brought a reality check. A single macro headline about early tariffs tanked sentiment overnight. Applications plummeted by 60% month-over-month, and site traffic dropped 46%. Risk appetite vanished, leaving many wondering if the party was over before it really began.

The March Cull: Record Job Cuts

March amplified the pain with the biggest single-month correction in crypto hiring history. A staggering 750 roles were cut—a 132% increase from the previous month—while only 411 new jobs were posted, resulting in net negative growth. This swift reaction from companies underscored how tightly tied crypto is to global economic signals.

Interestingly, candidates bounced back faster than employers. By March, applications had rebounded 84%, and traffic was up 43%. This lag—about 4-6 weeks—created a golden window for proactive teams. Those who planned ahead and didn't panic scooped up top talent while others hesitated.

Market Recovery and Key Signals

As April rolled in, market prices rebounded by 11%, sparking a 102% surge in applications even as job postings lagged. Overall, the data pointed to three core signals:

1. Markets move first, prompting hard cuts from companies.
2. Talent interest revives 4-6 weeks later.
3. Companies recover last—waiting for this means missing the best candidates.

Smart organizations that stuck to their headcount plans through the volatility came out ahead. By mid-year, the market showed signs of stabilization, setting the stage for a potential Q3 rebound.

Steady vs. Volatile Roles

Not all roles felt the whiplash equally. Engineering positions grew 17% H1 year-over-year, holding steady even in downturns. Data science exploded with 107% growth, proving these technical skills remain in high demand across cycles.

On the flip side, go-to-market roles like sales/BD (+75% H1 but -24% Q1 to Q2), customer service (+60% then -29%), and marketing (+4% then -22%) swung wildly with market sentiment. If you're in these areas, timing your job search around bull phases could make all the difference.

What Candidates Really Want

From thousands of chats, Skelly's team uncovered shifting priorities. A whopping 60-70% of candidates lean toward infrastructure roles for their equity upside potential. Hot areas include "DeFi 2.0" like stablecoins, MEV-aware infra, and real-world assets (RWAs). The AI-crypto hype has cooled, with focus now on truly crypto-native AI applications.

Perks matter, but fundamentals win out:

• Remote work is standard, but 25% now grill companies on how they make it effective.
• Liquidity and comp scrutiny is up to 38%, with questions coming earlier in the process.
• 43% evaluate a company's quality based on interviewer caliber—first impressions count big time.

Geo trends also play a role: NYC dominates for GTM/BD talent (over 40%), with frequent talks about stablecoins and payments. For zero-knowledge (ZK) expertise, look to Berlin, Lisbon, and Eastern Europe, where mentions are 1.4x higher than NYC.

Looking Ahead: Q3 Rebound on the Horizon?

Late Q3 could see a hiring uptick, thanks to aligned planning windows, the GENIUS Act passing in June (effective July), and earlier staffing in compliance/legal roles—a sign of industry maturation.

Skelly wraps up noting the market's evolving landscape and urges Q4 hirers to act now. For Dragonfly's portfolio companies, a full H1 report with an H2 playbook is available.

In the fast-paced world of blockchain, these insights remind us that while markets fluctuate, building resilient teams and staying ahead of trends can turn challenges into opportunities. Whether you're job hunting or scaling a project, keeping an eye on these patterns could give you the edge in 2025's crypto job scene.