I just reviewed the Coin Gecko report for the first quarter, and the picture is truly harsh. The cryptocurrency market has lost almost a quarter of its capitalization — that's $622 billion in three months. By the end of March, we had fallen 45% from the October 2025 peak, now totaling $2.4 trillion. This is no longer just a correction — it's truly a prolonged "winter."

What struck me most in the Coin Gecko analysis was the behavior of stablecoins. USDT has started shrinking for the first time in years, marking the first decline since the second quarter of 2022. The capitalization of stablecoins remains at $310 billion, but the dynamics have changed. At the same time, volumes on centralized exchanges dropped by 39%, to $2.7 trillion. March was the worst — only $0.8 trillion traded that month.

It's interesting to observe the contrasts. Oil surged by 77%, while Bitcoin and stocks fell by 22%. On DEXes, Solana dominates with 30.6% of the market share, which is clearly visible. Additionally, on Hyperliquid, traders of commodities hold about 30% of all positions — demand for 24/7 trading remains steady even in such times.

The Coin Gecko report shows that the market is not just falling but restructuring. It will be interesting to see how this affects the next quarterly results.