I just saw CoinGecko's quarterly report and the outlook is really challenging. The cryptocurrency market shrank significantly in Q1 — total market capitalization dropped to $2.4 trillion, a 20.4% decrease in just three months. Compared to the October peak last year, we're nearly 45% below. Bitcoin retreated 22%, following the trend of traditional markets.

What caught the most attention was the collapse in centralized exchange volume. It fell 39.1% to $2.7 trillion, with March hitting a new monthly low. Stablecoins, on the other hand, maintained stability around $309.9 billion, although USDT has started to shrink — the first time since 2022. Meanwhile, commodities like oil exploded 76.9%, showing where capital has migrated.

An interesting detail: Solana continues to dominate DEX trading, with nearly 31% of spot volume. And look at Hyperliquid — commodity traders now account for 30% of open contracts there. It seems the market is reorganizing while waiting for signs of recovery.