#加密市场季度观察 Market Value Changes: In the first quarter of 2025, the total market value of cryptocurrencies declined from a peak of $3.8 trillion at the end of 2024 to approximately $2.7 trillion, indicating an overall downward trend in the market.

Trading Volume Fluctuation: 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 gradually becoming desperate, and trading activity significantly decreasing.

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