Q1 2025 Crypto Assets Market Review: New Trends in the Adjustment Period

In early 2025, the Crypto Assets market underwent a significant adjustment, contrasting sharply with the prosperity at the end of 2024. The total market capitalization of Crypto Assets fell by 18.6% in the first quarter, settling at $2.8 trillion, after briefly reaching a peak of $3.8 trillion on January 18. Market activity also declined, with the average daily trading volume falling by 27.3% to $146 billion.

During the market downturn, Bitcoin strengthened its dominance, reaching a market share of 59.1% by the end of the first quarter, the highest level since early 2021. Although Bitcoin hit a historic high of $106,182 in January, it had fallen to $82,514 by the end of the quarter, a decline of 11.8%.

Market Overview

1. The total market value of Crypto Assets fell by 18.6% in the first quarter, evaporating $633.5 billion.
2. Bitcoin's dominance has risen to 59.1%, the highest in nearly four years.
3. The price of Bitcoin fell by 11.8% in the quarter, underperforming gold and U.S. Treasury bonds.
4. The price of Ethereum plummeted from $3,336 at the beginning of the season to $1,805, erasing all gains for 2024.

DeFi and NFT Ecosystem

1. The total locked value of Multichain DeFi ( TVL ) decreased by 27.5%, evaporating 48.9 billion dollars.
2. The dominance of Ethereum DeFi has dropped from 63.5% to 56.6%, with TVL decreasing by 35.4%.
3. The TVL of Solana and Base decreased by 23.5% and 15.3% respectively, but their market shares rose slightly.
4. The emerging public chain Berachain has rapidly risen, with a TVL of 5.2 billion dollars by the end of the quarter, ranking in the top six.

Exchange Performance

1. Centralized Exchange ( CEX ) spot trading volume reached 5.4 trillion USD, a decrease of 16.3% month-on-month.
2. A large trading platform still holds a dominant position, with a market share of 40.7% in March.
3. HTX is the only major exchange that achieved quarterly growth, with a trading volume increase of 11.4%.
4. In the decentralized exchange (DEX), Solana maintains its dominant position, accounting for 39.6% of the total transaction volume for the quarter.

New Market Trends

1. "Political Meme coin" rose briefly and then rapidly declined, leading to a significant drop in token deployment activities.
2. The daily新增代币数量 on the Pump.fun platform has decreased by 56.3% from its peak.
3. Emerging public chains such as Sonic and Berachain have performed remarkably in terms of market share in the DEX sector.

Overall, the Crypto Assets market experienced a significant adjustment period in the first quarter of 2025. Although the overall valuation has declined, the market structure and participant landscape are changing, with new trends and platforms emerging. This period has brought both challenges and laid the foundation for the long-term development of the industry.