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I just looked at the CoinGecko report for the first quarter — the picture turned out to be bleak. The crypto market has clearly entered a serious correction, not just a pullback like before. The total market capitalization dropped by 20.4%, now standing at $2.4 trillion. That’s nearly half of October’s peak last year. Bitcoin was especially affected, down 22% for the quarter — almost in sync with stocks falling.
What’s interesting: stablecoins held steady, but USDT volume for the first time since 2022 has started to decline. This is a signal that even conservative traders have pulled liquidity out. Volumes on centralized exchanges fell by 39% — in March, it was the lowest for the month, just $0.8 trillion. Commodity assets, however, increased by 77%, so not everything is so bleak.
On decentralized exchanges, Solana continues to dominate, taking more than a third of spot trading. On Hyperliquid, commercial traders now make up about 30% of open positions due to demand for 24/7 trading. It seems the market is experiencing a long winter, and we need to get used to the new realities.