I just looked at CoinGecko’s latest industry report for the first quarter of 2026, and the market has indeed entered a “winter” phase. The total cryptocurrency market capitalization fell 20.4% this quarter, dropping to $2.4 trillion—already cut in half from the high point in October last year, with a decline of 45%.

A few data points are especially interesting. CoinGecko’s report says the stablecoin market cap has stayed at $309.9 billion, but the supply of USDT has actually been declining, marking the first time this has happened since 2022. Meanwhile, crude oil prices rose against the trend by 76.9%, while Bitcoin fell along with the stock market by 22%, creating a stark contrast.

The situation on exchanges is also tough. Spot trading volume on centralized exchanges fell 39.1% to $2.7 trillion, and in March it even hit a new monthly low of $0.8 trillion. By contrast, decentralized exchanges are still led by Solana, which is expected to account for 30.6% of the market share. The number of commodity traders on Hyperliquid has also increased, now accounting for 30% of open interest.

Overall, this CoinGecko report reflects that the market is undergoing a deep adjustment, with trading activity clearly declining and stablecoin liquidity tightening. At a time like this, it’s actually a good opportunity to observe changes in market structure.