I took a look at the first quarter figures, and there's quite a bit of decline right now. Trading volumes have plummeted by 39% on the main platforms, dropping from $4.5 billion to $2.7 billion. The average daily activity also decreased by 27% to around $118 billion. It's true that the crypto crash this quarter has cooled off quite a few people.

But honestly, what intrigues me is that despite this decline, stablecoins are still maintaining solid demand and institutions continue to be interested in blockchain infrastructure. It seems more like a cyclical adjustment than a real structural problem. The overall market capitalization has fallen by over 20%, but hey, that's just how the market plays.

Sentiment is clearly weakened at the moment, but the ecosystem appears resilient. It'll be interesting to see how it develops in the coming months.