I just reviewed CoinGecko's analysis of Q1, and what happened in these three months is quite brutal. The crypto market plummeted 20.4%, dropping from $3 trillion to $2.4 trillion. If you look at October 2025, we're talking about an accumulated decline of 45%, so we're clearly entering crypto winter territory.

The interesting thing is that according to CoinGecko, stablecoins remained relatively stable at $309.9 billion, but USDT for the first time since mid-2022 saw its supply decrease. Meanwhile, Bitcoin fell 22% during the quarter, moving in line with global stock markets. Oil was the only thing that soared, rising 76.9%.

Regarding volume, CoinGecko reports that centralized exchanges saw their spot volume drop 39.1% to $2.7 trillion. March was particularly weak with only $800 billion in daily average volume. On the decentralized side, Solana remains king with 30.6% of the volume, and apparently Hyperliquid is attracting traders from commodities 24/7, already accounting for 30% of the open volume there.

Basically, CoinGecko's report confirms what we all feel: flat market, low volume, and traders seeking alternatives in other assets.