I just reviewed the CoinGecko report for the first quarter — the picture is not very optimistic. The market has clearly entered a difficult period: total capitalization has fallen by 20.4%, and from the peak in October of last year, it’s down by 45%. The current capitalization hovers around $2.4 trillion. According to CoinGecko, trading volumes on centralized exchanges have also suffered — down 39.1% to $2.7 trillion. March looks especially surprising, with monthly volumes dropping to $0.8 trillion, a record low. Interestingly, USDT has shown a decrease in volumes for the first time since 2022, although the market cap of stablecoins overall remains stable. The CoinGecko report also notes that Bitcoin has fallen by 22% along with the stock market, while oil unexpectedly surged by 76.9%. On decentralized exchanges, Solana continues to dominate with a 30.6% market share. An interesting point — on Hyperliquid, commodity traders now account for about 30% of positions, apparently due to demand for continuous oil trading. In short, CoinGecko shows that the market has shifted from sharp correction to prolonged stagnation.