#加密市场季度观察 #加密市场季度观察

1. Overall Market Performance: A Coexistence of Corrections and Divergence

Market Capitalization Shrinks and Risk Aversion Dominates

In Q1 2025, the total market capitalization of the crypto market dropped by 18.6% (a loss of approximately $633.5 billion). Although Bitcoin fell by 11.8%, its market share rose to 59.1%, reaching a new high since 2021, indicating an enhancement of its risk-averse properties. Ethereum plummeted by 45.3% due to the underperformance of its Layer 2 strategy and a decline in ecosystem activity, while Solana (SOL) also fell by 27% due to cooling speculative sentiment.

Structural Highlights and Divergence

Stablecoins and Tokenized Assets Grow Against the Trend: The total market capitalization of stablecoins surpassed $236 billion, growing by 13.5% month-over-month; the scale of tokenized real-world assets (RWA) increased by 37%, becoming a key focus for institutional investment.

Solana Ecosystem Stands Out: The trading volume of DEX on the Solana chain accounted for 39.6%, surpassing the total of Ethereum Layer 2, with TVL rebounding to $6.9 billion. The meme coin craze attracted a large influx of retail funds.