#加密市场季度观察

In the first quarter of 2025, the cryptocurrency market experienced significant volatility. The total market value dropped by 18.6% to $2.8 trillion, reflecting a market correction. Bitcoin's dominance rose to 59.1%, but it saw a quarterly decline of 11.8%; Ethereum plunged by 45.3%, erasing all gains from 2024. Investor activity decreased, with the average daily trading volume plummeting by 27.3% to $146 billion.

From the perspective of trading platforms, the spot trading volume on centralized exchanges was $5.4 trillion, decreasing by 16.3% quarter-over-quarter; Solana accounted for 39.6% of trading on decentralized exchanges, continuing its dominant trend. The total locked value in multi-chain DeFi decreased by $48.9 billion, a drop of 27.5%. Overall, the cryptocurrency market performed poorly this quarter, and future developments remain to be observed.