After looking at the CoinGlass report, the cryptocurrency market in the first quarter is more complicated than expected. The total trading volume is said to have exceeded 20 trillion won, but when you look at it month by month, it has been declining continuously since January. It was highest in January, and as it moved into February and March, it showed signs of shrinking. If you look more closely at the CoinGlass data, the difference in the share between spot and derivatives is really significant. Out of the total 20 trillion won, derivatives are 18 trillion won or more, while spot is under 2 trillion won. In particular, the sharp decline in spot trading stands out. This trend seems to reflect the market’s cautious sentiment about the state of the global economy. It also seems that after the large-scale debt reduction at the end of last year, the market has not yet fully recovered. According to the CoinGlass analysis, the gap between the top exchanges is also quite large. The industry leader accounts for about 35% of derivatives trading volume and also has a substantial amount of user assets. At this level, it means the market structure is concentrated in a small number of large platforms, and we’ll need to watch how the market will move in the future.