CoinGecko report: Crypto market capitalization fell by more than 20% in Q1; daily trading volume of oil contracts on Hyperliquid once exceeded that of Bitcoin.

In the first quarter of 2026, the total market capitalization of cryptocurrencies fell 20.4% to $2.4 trillion, a pullback of approximately 45% from its October 2025 high. During the same period, the total market capitalization of stablecoins remained relatively stable at $309.9 billion. Tether USDT issuance saw its first significant decline since the second quarter of 2022, falling 1.6% to $184.1 billion, while Circle USDC increased by 2.4% to $77.1 billion. Bitcoin's price fell 22% in the quarter, underperforming major US stock indices. Centralized exchange spot trading volume declined 39.1% quarter-on-quarter to $2.7 trillion; among decentralized exchanges, Solana continued to lead with a 30.6% share. On Hyperliquid, open interest in commodity perpetual contracts accounted for approximately 30% of the total, with 24/7 oil contract trading volume at one point exceeding that of flat contracts.