CoinGecko’s 2026 Q1 Cryptocurrency Industry Report shows that, influenced by global geopolitical turmoil and expectations of a shift in U.S. monetary policy, the crypto market has entered a sustained “crypto winter.” In the first quarter, the total global crypto market capitalization fell 20.4% (about $622.0 billion) to $2.4 trillion, down approximately 45% from the peak in October 2025. At the same time, average daily trading volume declined 27.2% to $117.8 billion. The total market cap of stablecoins remained at $309.9 billion, with USDT supply showing a significant decline for the first time since the second quarter of 2022 (-1.6%); Sky’s USDS and WLFI’s USD1 both achieved double-digit growth of more than 30%. The top ten CEX spot trading volumes decreased 39.1% quarter-over-quarter to $2.7 trillion, with only $0.8 trillion recorded in March—its lowest level since November 2023. Demand for Hyperliquid’s launched commodity perpetual contract (HIP-3) has surged, currently accounting for about 30% of its total open interest (OI).