2025 Q1 Crypto Industry Report (CoinGecko)

Summary

• Total crypto market cap declined by $633.5B (-18.6%) in 2025 Q1, ending the quarter at $2.8T after a YTD high of $3.8T on Jan 18.p.4
• Average daily trading volume in Q1 stood at $146.0B, a -27.3% decrease QoQ.p.4
• Bitcoin dominance climbed by 4.6 p.p. to 59.1%, while ETH fell to 7.9%, its lowest share since late-2019.p.5
• BTC fell -11.8% in Q1, ending at $82,514 after an all-time high of $106,182 on Jan 22, 2025.p.12
• Stablecoin market cap climbed by $24.5B in 2025 Q1 to a new all-time high of $226.1B.p.7
• AI and meme coins accounted for 62.8% of investor interest among crypto narratives in Q1.p.9
• Bybit was hacked for $1.4B, the largest ever hack in crypto to date.p.10

Key insights

1. ETH recorded the largest losses among the Top 5 cryptos at -45.3%, followed by SOL at -34.1%.p.6
2. Top 5 meme tokens ended Q1 with losses of over 40%-60%, with TRUMP down -65.3%.p.6
3. Bitcoin remained highly correlated to total crypto market cap at 0.97 and to the S&P500 at 0.85.p.8
4. Annualized Q1 volatility for total crypto market cap stood at 56.3%, versus 16.5% for the S&P 500.p.8
5. USDC added $16.1B to its market cap, followed by USDT with $6.4B.p.7
6. AI-related narratives captured a combined 35.7% of investor interest, ahead of meme coins at 27.1%.p.9
7. BTC average daily trading volume stood at $46.2B, a -26.2% decline QoQ.p.12