In the first quarter of #加密市场季度观察 2025, the cryptocurrency market experienced significant adjustments. The total market capitalization fell by 18.6% from a peak of $3.8 trillion in mid-January to $2.8 trillion by the end of the quarter. Bitcoin (BTC) price dropped by 11.8%, but its market dominance rose to 59.1%, the highest level since 2021. Ethereum (ETH) price fell by 45%, and its market share dropped to 7.9%, the lowest since 2019. Solana (SOL), despite a 34% price decline, performed outstandingly in decentralized exchange (DEX) trading, capturing 52% market share in January. Additionally, artificial intelligence (AI) tokens and meme coins dominated investor interest, accounting for 35.7% and 27.1%, respectively. Looking ahead, the market may enter a period of adjustment, and investors should pay attention to macroeconomic policies and regulatory dynamics, carefully formulating investment strategies.