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Recently, I have observed a significant decline in cryptocurrencies in the market. The total sector capitalization has dropped to $2.4 trillion in the first quarter, which was nearly 45% below the October peak. Even Bitcoin had a poor quarter with a 22% decrease, worse than the main stock indices.
What puzzles me is what is happening with stablecoins. USDT Tether finally showed its first significant decline since 2022 — now holding $190.94 billion. Meanwhile, USDC Circle is growing slowly, reaching $78.68 billion. Overall, stablecoins remain at $309.9 billion, indicating that investors are holding cash in stable assets.
Spot trading on centralized exchanges has fallen by 39%, but on decentralized platforms, Solana still dominates with a 30.6% share. An interesting fact — perpetual contracts on Hyperliquid account for about 30% of the total open interest. Overall, this decline in cryptocurrencies has affected the entire market dynamics, but some segments are holding up better than others.