$SOL #Cryptocurrency Market Quarterly Review

I. Overall Market Performance: Pullback and Divergence Coexist

Market Capitalization Shrinks and Risk Aversion Dominates

In Q1 2025, the total market capitalization of the cryptocurrency market fell by 18.6% (a loss of approximately $633.5 billion). Bitcoin decreased by 11.8%, but its market share rose to 59.1%, reaching a new high since 2021, indicating an enhanced risk-averse property. Ethereum plummeted by 45.3% due to factors such as unmet Layer 2 strategy expectations and decreased ecosystem activity. Solana (SOL) also fell by 27% as speculative sentiment cooled down.

Structural Highlights and Divergence

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

Solana Ecosystem Shines: The trading volume on Solana's DEX accounted for 39.6%, surpassing the total of Ethereum's Layer 2, with TVL rebounding to $6.9 billion. The meme coin craze attracted substantial retail funds.