#加密市场季度观察 Market Value Change: In the first quarter of 2025, the total market value of cryptocurrencies fell from a 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 Fluctuation: The average daily trading volume in the first quarter decreased by 27.3% compared to the fourth quarter of 2024, to $146 billion, reflecting a decline in market participation.

Market Sentiment: Market sentiment dropped to a freezing point at the end of the first quarter, with KOLs silent, investors gradually despairing, and trading activity significantly decreasing.

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