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I just read CoinGecko's latest industry report for the first quarter, and the entire market has indeed entered a "winter" phase. The total cryptocurrency market capitalization has fallen nearly 45% from its peak in October last year, currently at the $2.4 trillion level, down 20.4% just this quarter.
The most heartbreaking part is the spot trading volume on exchanges, which has dropped 39%, with March hitting a new low of only $0.8 trillion. According to CoinGecko's data, the supply of USDT has actually decreased, marking the first time since 2022, while the stablecoin market cap remains steady at $309.9 billion. Bitcoin has fallen 22% along with the stock market, while crude oil prices surged the most, rising 76.9%.
Solana remains the leader in decentralized exchanges, accounting for 30.6% of the market share. Interestingly, 30% of open interest on Hyperliquid now comes from commodity traders, indicating traditional traders are entering. The entire market still appears to be in a correction phase, and CoinGecko's report basically reflects the current difficulties.