#加密市场季度观察

In the second quarter of 2025, the cryptocurrency market exhibited complex dynamics.

After the total market capitalization fell to $2.8 trillion in the first quarter, there was a slight rebound at the beginning of the second quarter, but it remained highly volatile due to macroeconomic uncertainties.

Bitcoin's dominance solidified, with a market share of 60.6%, and its price hovered around $85,000, outperforming most altcoins.

Solana performed excellently due to the issuance of Canada's first Solana ETF and the on-chain meme craze, with prices rising 36% from the low in the first quarter. Ethereum, on the other hand, continued to be sluggish, with its market share dropping to 7.3%, a five-year low, partly attributed to a lack of innovation and a slowdown in DeFi activities.

AI-related cryptocurrency projects like ALCH and dark maintained their popularity, showing significant gains, reflecting the market's enthusiasm for the AI sector.

Trading volume decreased, with centralized exchange spot trading volume down 16.3% compared to the first quarter.

Market sentiment is cautious, and Coinbase's monthly report suggests defensive strategies, but it is expected that the latter part of the second quarter may stabilize, laying the groundwork for a rebound in the third quarter.

In terms of regulations, U.S. policy is expected to be lenient, potentially driving institutional capital inflow.

Overall, the market is becoming more polarized, requiring attention to opportunities in Solana and the AI sector while remaining vigilant about the risks of economic recession.