A significant cooling occurred in the crypto market throughout the first quarter. While trading volumes dropped to billions, we saw a 39% fluctuation in the spot market—falling from $4.5 trillion to $2.7 trillion. Daily trading activity also declined by 27%, clearly indicating that market participants are pulling back.

Bitcoin's price has fallen from $126,000 at the end of 2025 to around $77,000 now, and combined with macroeconomic uncertainty and geopolitical tensions, this has seriously affected investor sentiment. In March, trading volume weakened especially—dropping to as low as $800 billion, the lowest level since November 2023.

But what's interesting is that this decline isn't due to a lack of infrastructure development. The supply of stablecoins continues to remain high, institutional players keep investing in tokenization and custody services. Layer 2 solutions are also progressing steadily. So, this crypto winter isn't fundamentally a problem; it more resembles an emotional reset. After rapid growth, a natural cooling process is underway.