加密貨幣市場於2025年開發了過山車

加密貨幣市場在2025年乘坐過山車開始，在今年的頭三個月內喪失了超過6330億美元的價值。

The cryptocurrency market kicked off 2025 on a rollercoaster ride, shedding over $633 billion in value within the first three months of the year as major assets, NFTs, and DeFi protocols sustained substantial losses amid global economic uncertainty, regulatory crackdowns, and meme coin hysteria.

加密貨幣市場於2025年開始過山車，在一年的頭三個月內降低了超過6330億美元的價值，因為主要資產，NFTS和DEFI協議在全球經濟不確定性，監管鎮壓和Meme Coin Coin Hyssteria的全球經濟不確定性中造成了實質性損失。

According to CoinGecko’s newly released 2025 Q1 Crypto Industry Report, at the beginning of the year, optimism ran high as Bitcoin attained a new all-time high of $106,182 on January 22, just two days after Donald Trump’s presidential inauguration.

根據Coingecko新發行的2025年第1季度加密行業報告，在年初，樂觀態度很高，因為比特幣在多納爾德·特朗普總統就職兩天后，比特幣在1月22日達到了106,182美元的新歷史最高點。

However, this enthusiasm was short-lived. As the U.S. administration imposed new trade tariffs against major economies, investor sentiment soured, leading to a market-wide sell-off.

但是，這種熱情是短暫的。隨著美國政府對主要經濟體徵收新的貿易關稅，投資者的情緒惡化，導致了全市場的拋售。

By the end of March, the total crypto market cap had fallen to $2.8 trillion from a peak of $3.8 trillion, marking an 18.6% decline.

到3月底，加密貨幣市值已從3.8萬億美元的峰值下降到2.8萬億美元，標誌下降了18.6％。

Bitcoin dipped by 11.8%, closing Q1 at $82,514, though notably, its market dominance rose to 59.1%, its highest since early 2021.

比特幣下降了11.8％，在$ 82,514上結束了第1季度，雖然尤其是其市場優勢升至59.1％，這是自2021年初以來最高的。

On the other hand, Ethereum (ETH) experienced a brutal quarter, crashing by 45.3% to $1,805 and shedding significant market share.

另一方面，以太坊（ETH）經歷了一個殘酷的季度，墜毀了45.3％，至1,805美元，並拋棄了大量的市場份額。

Another major talking point of the quarter was the meteoric rise and swift collapse of memecoins. Trump’s official $TRUMP token launched in January, sending Solana (SOL) soaring by nearly 39% to a record $293.

該季度的另一個主要話題是成年人的迅速崛起和迅速崩潰。特朗普的官方特朗普令牌於1月推出，使索拉納（Sol）（Sol）飆升了近39％，達到了創紀錄的293美元。

But this rally did not last.

但是這個集會並沒有持續。

SOL, along with the broader memecoin category, suffered heavy losses after a scandal involving $LIBRA, a token endorsed by Argentinian president Javier Milei, which turned out to be a classic rug pull, wiping $4.6 billion off its market cap in hours.

索爾（Sol）與更廣泛的成員類別一起在涉及$ libra的醜聞後遭受了嚴重損失，這是阿根廷總統總統賈維爾·米利（Javier Milei）認可的代幣，事實證明，這是經典的地毯拉力，在數小時內削減了46億美元的市值。

The aftermath saw activity on memecoin launch platform Pump.fun plummet, with daily token launches falling by over 56% from January to the end of Q1.

後果看到了Memecoin發射平台泵的活動。 FUNPLUMMET PLUMMET，從1月到第一季度結束時，每天的代幣發射下降了56％以上。

Stablecoins, RWAs and Bitcoin ETs a safe haven

Stablecoins，RWA和比特幣ETS避風港

While much of the market bled value, stablecoins remained resilient. The stablecoin sector grew by $24.5 billion in Q1, reaching a record $226.1 billion in total market cap. USDC saw the biggest jump, adding $16.1 billion, while USDT grew by $6.4 billion.

儘管市場的大部分價值，但Stablecoins仍然具有彈性。 Stablecoin行業在第一季度增長了245億美元，達到了創紀錄的2261億美元的總市值。 USDC看到了最大的增長，增加了161億美元，而USDT增長了64億美元。

Real-World Asset (RWA) tokenisation projects also gained traction as investors sought safer, yield-generating options outside of volatile coins. TVL in RWA protocols surged to $10 billion, with major players like BlackRock and Fidelity expanding their blockchain-based funds.

隨著投資者尋求更安全，產生產生的選擇，在揮發性硬幣之外尋求更安全的產生選擇，現實世界中的資產（RWA）象徵性項目也獲得了關注。 RWA協議中的TVL飆升至100億美元，像Blackrock和Fidelity這樣的主要參與者擴大了基於區塊鏈的資金。

The U.S. spot Bitcoin ETs also attracted $1 billion in net inflows, even though overall assets under management declined due to Bitcoin’s price drop.

美國現貨比特幣ETS也吸引了10億美元的淨流入，儘管由於比特幣的價格下跌，管理中的整體資產下降了。

However, the decentralised finance (DeFi) sector was not spared, shedding $23 billion in market cap, a 19.3% drop. Liquid staking and restaking protocols were particularly battered, losing $32 billion in total value locked. Yet, DeFi’s share of the total crypto market remained steady at 3.5%, buoyed by growing institutional interest in RWAs and stablecoin-backed protocols.

但是，分散的財務（DEFI）部門尚未倖免，損失了230億美元的市值，下降了19.3％。液體蒸發和重新制定方案特別受到打擊，總價值鎖定了320億美元。然而，由於在RWA和Stablecoin支持的協議中，Defi在總加密市場中的份額保持穩定為3.5％。

Berachain, a new entrant to the DeFi scene, rapidly amassed $5.2 billion in TVL within weeks of its February launch, a rare bright spot in an otherwise gloomy DeFi quarter.

貝拉辛（Berachain）是Defi現場的新進入者，在2月推出後的幾週內迅速積累了52億美元的TVL，這是一個原本令人沮喪的Defi季度的罕見亮點。

NFT trading slumps, Bitcoin Ordinals rise

NFT貿易低迷，比特幣序列上升

NFTs took a beating, with trading volumes falling 38.2% from December’s $1.3 billion to $800 million in March. Ethereum-based NFTs were the biggest casualties, with volumes plummeting by over 85%.

NFTS進行了毆打，交易量比12月的13億美元至3月的8億美元下降了38.2％。基於以太坊的NFT是最大的傷亡人數，量下降了85％以上。

However, Bitcoin NFTs (Ordinals) saw a surprising surge, overtaking Ethereum NFT trading volume in March after a wave of high-profile Ordinals mints on Magic Eden.

然而，在魔術伊甸園對一波備受矚目的序數造幣廠之後，比特幣NFTS（序列）在3月的繁榮繁榮時看到了令人驚訝的激增，超過了Ethereum NFT交易量。

At the exchanges pront Spot trading volume on the top 10 centralised exchanges dropped 16.3% to $5.4 trillion. Binance, however, clawed back market share to 40.7%. Notably, Bybit’s volumes halved after a $1.4 billion hack in February.

在交易所，前10個集中式交易所的Pront Pot交易量下降了16.3％，至5.4萬億美元。然而，二元將市場份額降至40.7％。值得注意的是，在2月份進行了14億美元的黑客攻擊後，Bybit的捲量減少了一半。

In contrast, decentralised exchanges (DEXes) held firm, with volumes climbing 6.2% to $700.7 billion. Solana-based DEXes like Raydium and Orca recorded strong growth, fuelled by the memecoin craze.

相比之下，分散的交易所（DEXES）持有公司，量攀升了6.2％至7007億美元。諸如Raydium和Orca之類的基於Solana的Dexe在Memecoin熱潮的推動下，記錄了強勁的增長。

Perpetual futures DEXes enjoyed a record quarter, with Hyperliquid capturing a commanding 68.8% market share after processing $549.8 billion in trades.

永久性期貨德克斯（Dexes）享有創紀錄的季度，在處理5498億美元的交易後，超流利率捕獲了68.8％的市場份額。

As Q2 unfolds bearing several uncertainties, the industry faces a cautious outlook. While macroeconomic pressures and regulatory uncertainties persist

隨著第二季度展開幾個不確定性，該行業面臨著謹慎的前景。宏觀經濟壓力和監管不確定性持續