I just saw the CoinGecko data for Q1 2026, and the crypto market situation is really heavy. Total market capitalization plunged 20.4%, falling from 2.4 trillion at the end of the quarter—that’s nearly a 45% drop since the peak in October of last year. Basically, we’ve entered a real winter.

What stands out is that stablecoins didn’t move much (they stayed at 309.9 billion), but the USDT supply began to decline for the first time since mid-2022. Meanwhile, Bitcoin took a hit of 22%, tracking the stock markets, and oil was the best-performing asset (it rose 76.9%). Very different from what we expected.

On CEXs, spot volume fell 39% to 2.7 trillion—March was particularly bad, with only 0.8 trillion. But the interesting thing is that on Solana, things remain hot on DEXs, with the network capturing 30.6% of decentralized volume. CoinGecko data shows that commodity traders now account for about 30% of open contracts on Hyperliquid, which explains part of this dynamic.

It’s a very different scenario from what we were seeing at the beginning of the year. According to the figures CoinGecko released, we’re in a period of strong consolidation, and uncertainty in the traditional market is also affecting things.