I just saw the latest CoinGecko report on the first quarter of 2026, and the numbers are quite heavy indeed. The cryptocurrency market has entered a significant adjustment period — the total market capitalization dropped 20.4% just this quarter, down from $2.4 trillion. Compared to the peak back in October 2025, we're talking about an almost 45% decline. Much different from what many people expected.

What caught my attention in the CoinGecko report was the dynamics of stablecoins — the volume remained virtually stable at $309.9 billion, but USDT experienced a reduction in supply for the first time since mid-2022. That’s an interesting sign. Meanwhile, Bitcoin plummeted 22% this quarter, aligned with the performance of traditional stock markets. Curiously, oil was the big winner with a 76.9% increase.

On centralized exchanges, spot volume plummeted — a 39.1% reduction, closing at $2.7 trillion. March was particularly weak, with only $0.8 trillion in volume. On decentralized platforms, Solana continues to dominate with nearly 31% market share. And there’s an interesting detail: commodity traders now account for about 30% of open contracts on Hyperliquid, showing how the market is diversifying. CoinGecko’s data makes it clear that we are in a period of real consolidation.