比特幣（BTC）市值在第二季度2025下降18.6％

該報告確定了一些積極的趨勢，但其中大多數至少包含一個重要的缺點。儘管一月份有市場欣喜

Crypto prices suffered heavy losses in Q1 2025 as broader macroeconomic factors continued to batter market sentiment, the latest CoinGecko report has shown.

最新的Coingecko報告顯示，由於更廣泛的宏觀經濟因素繼續擊敗市場情緒，加密價格在2025年第1季度遭受了沉重的損失。

The past two months have seen a dampening impact on investor activity, with token prices and trading volumes retreating from the highs reached at the start of the year.

在過去的兩個月中，對投資者的活動產生了嚴重的影響，即象徵性的價格和貿易量從今年年初到達的高點撤退。

Indeed, crypto’s total market cap fell by 18.6%, or $633.5 billion, to reach $2.718 billion by the end of March, CoinGecko's report "CoinGecko Quarterly Cryptocurrency Report: Q1 2025" on Wednesday.

確實，加密貨幣的總市值下降了18.6％，即6335億美元，到3月底，至271.8億美元，Coingecko的報告“ Coingecko季度加密貨幣報告：第1季度2025年”。

Investor activity also fell, with daily trading volumes decreasing by 27.3% quarter-on-quarter to $9.76 billion by the end of 2024. Spot trading volume on centralized exchanges fell by 16.3%, which the report partly attributes to the Bybit hack.

投資者的活動也下降了，到2024年底，每日交易量減少了27.3％的四分之一四分之一，至97.6億美元。集中交易所的現貨交易量下降了16.3％，該報告部分歸因於Bybit Hack。

The report focused mostly on presenting concrete numbers, but it also highlighted a few events that had a significant impact on the crypto market.

該報告主要集中在提出具體數字上，但它也強調了一些對加密市場產生重大影響的事件。

For example, it notes that Trump's inauguration brought a local high for the market, as market euphoria over his potentially friendly policies pushed prices up. His TRUMP meme coin also fueled a brief frenzy in Solana meme coin activity, which saw a huge spike in January before quickly slumping. The LIBRA scandal had a further dampening impact.

例如，它指出，特朗普的就職典禮為市場帶來了當地的高處，因為他對他的潛在友好政策的市場欣喜推動了價格。他的特朗普模因硬幣還激發了索拉納模因硬幣活動的短暫瘋狂，在一月份，一月份的激增迅速下跌。天秤座的醜聞進一步削弱了影響。

Bitcoin increased its dominance in Q1 2025, accounting for 59.1% of crypto’s total market cap. It hasn't maintained that share of the market since 2021, symbolizing how much more stable it’s been compared to altcoins.

比特幣在2025年第1季度提高了其統治地位，佔加密貨幣總市值的59.1％。自2021年以來，它一直沒有保持市場的份額，象徵著與AltCoins相比，它的穩定性更高。

However, BTC also fell by 11.8% and was outperformed by both gold and US Treasury bonds.

但是，BTC也下跌了11.8％，並且超過了黃金和美國國債的表現。

This data point is especially worrying because Trump's tariffs have wrought havoc on Treasury yields. Even so, the report clearly shows that the rest of crypto suffered even more. For instance, Ethereum's entire 2024 gains vanished in Q1 2025, and multichain DeFi TVL fell by 27.5%. Countless other areas saw similar results, but they’re too numerous to easily summarize.

這個數據點尤其令人擔憂，因為特朗普的關稅造成了財政收益的破壞。即便如此，該報告清楚地表明，其餘的加密貨幣遭受了更多的影響。例如，以太坊的全2024年收益在第1季度2025年消失了，多小型Defi TVL下降了27.5％。無數其他領域看到了類似的結果，但是它們太多了，無法輕鬆總結。

That is to say, almost every quantifiable positive development came with at least one major caveat. Solana dominated the DEX trade, but its TVL declined by over one-fifth. Bitcoin ETFs saw $1 billion in fresh inflows, but total AUM fell by nearly $9 billion due to price drops. The reports reflect that recession fears are gripping the crypto market.

也就是說，幾乎所有可量化的積極發展都至少有一個主要的警告。索拉納（Solana）主導了DEX貿易，但其TVL下降了五分之一。比特幣ETF的新鮮流入價值10億美元，但由於價格下跌，AUM的總額下降了近90億美元。報導表明，經濟衰退的擔憂正在吸引加密貨幣市場。

According to the report by CoinGecko, the crypto market saw a dampening impact in the first quarter of 2025 as broader macroeconomic factors continued to batter market sentiment.

根據Coingecko的報告，加密貨幣市場在2025年第一季度產生了衰退的影響，隨著更廣泛的宏觀經濟因素繼續擊敗市場情緒。

After a strong start to the year, which saw crypto prices hit a 14-month high and Bitcoin rise above the $80,000 mark, the market experienced a downturn in the past two months.

在今年的強勁開端之後，加密貨幣價格達到了14個月的高度，比特幣上漲了80,000美元，在過去兩個月中，該市場經歷了低迷。

This downturn was attributed to several factors, including the looming threat of a recession, Trump's protectionist trade policies, and the cryptocurrency exchange hack that stole over $540 million in crypto.

這一低迷歸因於幾個因素，包括經濟衰退的迫在眉睫的威脅，特朗普的貿易保護主義貿易政策以及加密貨幣交易所攻擊，在加密貨幣中偷走了超過5.4億美元。

The report by the cryptocurrency data aggregator highlighted a few positive developments, but they came with major downsides.

加密貨幣數據聚合器的報告強調了一些積極的發展，但它們帶來了重大缺點。

For instance, Bitcoin's share of the crypto market increased to 59 percent, the highest since 2021, reflecting the relatively stable performance of the world's largest cryptocurrency compared to altcoins.

例如，比特幣在加密貨幣市場中的份額增加到59％，這是2021年以來最高的，這反映了與山寨幣相比，世界上最大的加密貨幣的性能相對穩定。

However, Bitcoin's price fell by 11.8 percent during the period, lagging behind gold and US Treasury bonds, which rose by 19.4 percent and 12.1 percent, respectively.

但是，在此期間，比特幣的價格下跌了11.8％，落後於黃金和美國國庫券，分別上漲了19.4％和12.1％。

In contrast, Ethereum's price saw all of its 2024 gains evaporate, while multichain DeFi TVL decreased by 27.5 percent.

相比之下，以太坊的價格使所有2024年的收益蒸發了，而多曲線Defi TVL則下降了27.5％。

Moreover, despite Bitcoin ETFs attracting $1 billion in fresh inflows, AUM fell by $8.9 billion due to price drops.

此外，儘管比特幣ETF吸引了10億美元的新鮮流入，但由於價格下跌，AUM下跌了89億美元。

Furthermore, Solana became the most popular chain for decentralized exchanges, but its TVL declined by more than 20 percent.

此外，索拉納（Solana）成為分散交流的最受歡迎的連鎖店，但其TVL下降了20％以上。

The report also noted a brief surge in meme coin activity on Solana, fueled by TRUMP coin.

該報告還指出，在特朗普硬幣的推動下，對索拉納的模因硬幣活動的短暫激增。

"The HELIUM token faced difficulties in Q1 2025 as the network's Hotspots began to experience maintenance issues, leading to a decline in the token's price and a slight decrease in total value locked (TVL) for the chain," the report stated.

報告說：“隨著網絡的熱點開始遇到維護問題，氦令牌在第1季度面臨困難，導致令牌價格下降，鏈條鎖定總價值略有下降（TVL）。”

Overall, the crypto market encountered a mixed bag of fortunes in the first quarter of 2025, with some positive developments being offset by major downsides.

總體而言，加密貨幣市場在2025年第一季度遇到了一袋命運，其中一些積極的發展被重大缺點所抵消。

As the year progresses, it remains to be seen whether the crypto market can overcome the macroeconomic challenges and continue its long-term bullish trend.output: According to CoinGecko’s quarterly report, the overall crypto

隨著年的發展，加密貨幣市場是否可以克服宏觀經濟挑戰並繼續其長期看漲趨勢。