The global crypto market lost 18.6% of its value in Q1 2025, shedding $633.5 billion amid recession fears and global uncertainty, per CoinGecko. Daily trading volume dropped 27.3% to $146 billion, and centralized exchanges saw a 16% dip—partly due to the Bybit hack.
Bitcoin & Ethereum Slide, Stablecoins Gain
Bitcoin held 59.1% dominance but fell 11.8%, underperforming gold (+18%) and U.S. bonds. Ethereum’s dominance sank to 7.9%—its lowest since 2019. USDT and USDC gained traction, while XRP and BNB maintained their positions.
DeFi Struggles, Berachain Shines
DeFi TVL plunged 27.5% to $128.6B, with Ethereum’s TVL dominance falling to 56.6%. Still, Berachain debuted strongly with $5.2B TVL, driven by $2.3B in Boyco pre-deposits.
Solana Leads DEX Race—Then Fades
Solana dominated DEX volume early in Q1 with 52% of trades during a $TRUMP memecoin surge, but Ethereum rebounded in March with 30.1%. Sonic and Berachain edged out Optimism and Polygon late in the quarter.
Macro Backdrop: Gold Soars, Dollar Falls
Gold topped all assets with +18%. U.S. stocks and BTC mirrored each other’s declines, while the Yen (+5.2%) and Euro (+4.5%) strengthened. The U.S. Dollar Index dropped 4.6% amid rate and tariff uncertainty.
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