Just caught the latest CoinGecko data and the Q1 numbers are pretty sobering. Crypto market cap dropped over 20% to $2.4 trillion, which is wild considering we're still down nearly 45% from October 2025 peaks. Bitcoin took it harder than the broader market, falling 22% that quarter and actually underperforming traditional US stocks. That doesn't happen often.



What's interesting is how stablecoins held up - USDT and USDC stayed relatively stable around $184B and $77B respectively according to CoinGecko's breakdown. CEX spot volumes got hammered though, down nearly 40% quarter-on-quarter to $2.7 trillion. Meanwhile on the DEX side, Solana's still dominating with over 30% share.

But here's the thing that caught my attention from the CoinGecko report - Hyperliquid's oil futures contracts got so much volume at one point that daily oil trading exceeded their Bitcoin volumes. That's a pretty massive shift showing where leverage and derivatives action is flowing right now. CoinGecko data like this really shows how fragmented the market has become.
BTC0.05%
USDC0.02%
SOL1.96%
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