Yesterday I saw the quarterly report that CoinGecko released last month, and the numbers are quite heavy indeed. The crypto market shrank 20.4% just in Q1, closing at $2.4 trillion. Compared to the October peak last year, we've lost almost 45% of value. It seems that the bearish momentum at the end of 2025 and the complicated geopolitical situation really shook everything up.

What caught my attention the most was seeing Bitcoin drop 22% while oil surged 76.9% due to that tension between the US and Iran. I mean, oil was the highlight of the quarter, while crypto took a hit. The average daily trading volume also dropped significantly, reaching $117.8 billion. Stablecoins remained more or less stable at $309.9 billion, but USDT experienced its first decline since 2022.

On centralized exchanges, the spot volume of the top ten platforms plummeted 39.1% compared to the previous quarter, totaling $2.7 trillion. March was particularly weak, with only $800 billion in volume, the lowest since November 2023. On DEXs, Solana continued leading with 30.6% of the quarterly share, but Ethereum managed to surpass it in March. Interestingly, Hyperliquid benefited quite a bit from the update that enabled commodity perpetual contracts, and these contracts now account for about 30% of all open positions there. The oil contracts from tradeXYZ even surpassed Bitcoin's daily volume on Hyperliquid on April 9, reaching over $4 billion daily. These are the trends CoinGecko captured in this challenging quarter.