Market value drops by 1 trillion, ETH plummets, DEX changes kings! What exactly happened in the crypto space in Q1 2025?
The total market value of cryptocurrencies plummeted by 18.6% in Q1, evaporating a full 1 trillion dollars.
Did you think it was a market issue? In fact, it was triggered by Trump taking office + the global tariff war igniting a macro funds repricing.
Even more outrageous is the trading volume, which dropped directly from an average of over 200 billion a day to 146 billion, a decrease of 27%.
BTC ascended to the throne, while ETH was marginalized.
• Bitcoin's dominance surged to 59.1%, hitting a four-year high.
• But ETH collapsed from $3336 to $1805, a staggering decline of 45.3%,
its dominance only remaining at 7.9%, falling back to 2019 levels.
Solana DEX exploded, replacing the L2 duo.
In Q1, Solana accounted for 39.6% of the DEX market share,
new dark horses SonicLabs and Berachain parachuted into the top ten,
bumping Optimism and Polygon out directly.
Chain games receded, DeFi shrank, and centralized platforms also collapsed.
• Pumpdotfun token deployment plummeted by 56%.
• ETH on-chain TVL plummeted by 35%.
• Bybit was hacked, and trading volume was directly cut in half.
This is not a bear market; it is a reshuffle.
Understanding where the funds are going is the key to knowing how to win in Q2.
