In the first quarter of 2025, the total market capitalization of cryptocurrencies fell from the high of $3.8 trillion at the end of 2024 to about $2.7 trillion, indicating an overall downward trend in the market.

Trading volume volatility: The average daily trading volume in the first quarter decreased by 27.3% compared to the fourth quarter of 2024, reaching $146 billion, reflecting a decline in market participation.

Market sentiment: Market sentiment fell to a freezing point by the end of the first quarter, with KOLs silent, investors becoming increasingly desperate, and trading activity significantly decreasing.

Investor behavior: Investors generally adopted a strategy of buying on dips and holding long-term.