Gate Research: Q1 Market Review Report - 2025

Abstract

• Due to tariffs and various macroeconomic factors, the total cryptocurrency market cap dropped from $3.8 trillion to $2.7 trillion, a decrease of 18.77%, with $1.1 trillion wiped out. Bitcoin’s market share rose to 59% on March 31, reaching the highest level since 2022.

• Stablecoins saw a 15.2% increase in market cap, rising from $20.33 billion to $23.43 billion, reflecting higher demand.
• BTC ETFs saw a net inflow of $930 million, down nearly 94% from last quarter, while ETH ETFs had a net outflow of $242 million.

• Ethereum’s network inflation rate rose to 0.76% by the end of March, the highest of the quarter. On-chain activity remained low, mainly driven by trading.
• Solana’s DeFi TVL dropped by 22.51%, with Raydium seeing the biggest loss of over 40%. DEX liquidity and meme coin trading activity fell sharply.
• Pump.fun launched PumpSwap, which replaced Raydium for liquidity addition. The platform’s trading volume has surpassed $3 billion.
• Berachain’s mainnet launched on February 6, 2025, and its DeFi TVL is now the sixth-largest ecosystem.
• The popularity of Four.meme skyrocketed, issuing over 150,000 tokens and boosting BNB network activity.
• Q1 saw 63 security incidents, with total losses around $1.78 billion. Bybit alone lost over $1.5 billion to theft.

• Total funding in Q1 reached $4.694 billion, a 136% increase from Q4 2024, signaling strong capital inflow.

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