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I've recently observed quite drastic data from the market.
The decline in cryptocurrencies in the first quarter was really solid — total market capitalization dropped over 20% to $2.4 trillion, and Bitcoin lost as much as 22% during the same period.
It was 45% below the peak from October 2025.
In comparison, major stock indices performed better.
Interestingly, the stablecoin market behaved differently.
USDT fell for the first time since 2022 — now around $191 billion, while USDC increased to nearly $79 billion.
This shows some rotation between stablecoins amid the decline in cryptocurrencies.
Spot trading volumes decreased by 39%, suggesting many traders pulled out.
Decentralized trading on Solana still dominates with a 30% share.
Overall, it’s clear that the decline in cryptocurrencies has affected the entire ecosystem — both large players and smaller projects.
Bitcoin continues to fall, and sentiment remains quite pessimistic.