Gate Research Institute: Review of the Crypto Assets Market in Q1 2025

Summary

• Affected by tariff policies and various macroeconomic data and policy events, the total market value of cryptocurrencies dropped from $3.8 trillion to $2.7 trillion, a decrease of 18.77%, resulting in an evaporation of $1.1 trillion in total market value. The market share of BTC is gradually increasing, reaching 59% on March 31, marking a new high since 2022.

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• The total market value of stablecoins rose from $203.3 billion to $234.3 billion, an increase of approximately 15.2%, indicating a significant rise in demand for stablecoins.
• The net inflow of BTC ETF this quarter was 930 million USD, a decline of nearly 94% compared to the previous quarter; the net outflow of ETH ETF this quarter was 242 million USD.
• The inflation rate of the Ethereum network has gradually risen, reaching 0.76% at the end of March, a quarterly high. On-chain activity is not high, primarily dominated by transactions.

• Solana's DeFi TVL decreased by 22.51% month-on-month, with Raydium experiencing the most severe drop of over 40%. DEX liquidity and the trading activity of Meme coins have plummeted.
• Pump.fun launched PumpSwap, replacing liquidity addition on Raydium. The platform's cumulative trading volume has exceeded 3 billion dollars.
• The Berachain mainnet will officially launch on February 6, 2025, and its DeFi TVL will rank as the sixth largest ecological protocol.
• The popularity of Four.meme has surged, with platform data hitting new highs, issuing over 150,000 tokens, driving increased activity on the BNB network.
• Q1 saw 63 security incidents, with total losses reaching approximately $1.782 billion, and Bybit's stolen losses exceeding $1.5 billion.

• The total financing amount in Q1 reached 4.694 billion USD, an increase of approximately 136% compared to 1.992 billion USD in Q4 2024, demonstrating a strong signal of capital return.

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