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I took a look at the latest CoinGecko report on Q1 2026 and honestly, the numbers are pretty bleak. The crypto market has really taken a hit: the total market cap plummeted over 20% in three months, dropping to $2.4 trillion. That's about a 45% decline since the October 2025 peak, so we're talking about a real "winter" according to CoinGecko.
What struck me is that BTC decreased by 22% over the period, following the stock markets. Stablecoins held steady with a market cap around $309.9 billion, but USDT for the first time decreased since Q2 2022. Meanwhile, crude oil outperformed everyone with a 76.9% increase.
On trading volumes, it's also a free fall. Centralized exchanges saw their spot volumes collapse by 39% to reach $2.7 trillion according to the CoinGecko report. The worst moment was in March with a low of $800 billion. Solana continues to dominate DEXs with 30.6% of spot volume, and apparently, commodities traders now account for about 30% of open positions on Hyperliquid.
This kind of report reminds you that the crypto market can really correct itself quickly. BTC data and overall trends suggest we're still in an adjustment phase.