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I looked at CoinGecko's latest quarterly report, and the market in the first quarter was indeed a bit grim. The total market capitalization of cryptocurrencies dropped by 20.4% in one go, now standing at $2.4 trillion, which is nearly a 45% decline from the peak in October last year.
The most heartbreaking part is trading volume, with centralized exchanges' spot trading volume plummeting by 39%, reaching a monthly low of only $0.8 trillion in March. In contrast, Solana still maintains over 30% of the share on DEXs, indicating that users are still moving on-chain.
CoinGecko's data also shows that even the supply of USDT has started to shrink, which is the first time since 2022. The overall market feels like it has transitioned from a quick rebound into a sustained correction phase. Bitcoin has fallen 22% along with the stock market, while crude oil has instead risen by 76.9%, making this divergence quite interesting.