比特币（BTC）市值在第二季度2025下降18.6％

该报告确定了一些积极的趋势，但其中大多数至少包含一个重要的缺点。尽管一月份有市场欣喜

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报告显示，由于更广泛的宏观经济因素继续击败市场情绪，加密价格在2025年第1季度遭受了沉重的损失。

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.

在过去的两个月中，对投资者的活动产生了严重的影响，即象征性的价格和贸易量从今年年初到达的高点撤退。

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.

确实，加密货币的总市值下降了18.6％，即6335亿美元，到3月底，至271.8亿美元，Coingecko的报告“ Coingecko季度加密货币报告：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.

投资者的活动也下降了，到2024年底，每日交易量减少了27.3％的四分之一四分之一，至97.6亿美元。集中交易所的现货交易量下降了16.3％，该报告部分归因于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.

该报告主要集中在提出具体数字上，但它也强调了一些对加密市场产生重大影响的事件。

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，特朗普的就职典礼为市场带来了当地的高处，因为他对他的潜在友好政策的市场欣喜推动了价格。他的特朗普模因硬币还激发了索拉纳模因硬币活动的短暂疯狂，在一月份，一月份的激增迅速下跌。天秤座的丑闻进一步削弱了影响。

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.

比特币在2025年第1季度提高了其统治地位，占加密货币总市值的59.1％。自2021年以来，它一直没有保持市场的份额，象征着与AltCoins相比，它的稳定性更高。

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％，并且超过了黄金和美国国债的表现。

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.

这个数据点尤其令人担忧，因为特朗普的关税造成了财政收益的破坏。即便如此，该报告清楚地表明，其余的加密货币遭受了更多的影响。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％。无数其他领域看到了类似的结果，但是它们太多了，无法轻松总结。

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.

也就是说，几乎所有可量化的积极发展都至少有一个主要的警告。索拉纳（Solana）主导了DEX贸易，但其TVL下降了五分之一。比特币ETF的新鲜流入价值10亿美元，但由于价格下跌，AUM的总额下降了近90亿美元。报道表明，经济衰退的担忧正在吸引加密货币市场。

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.

根据Coingecko的报告，加密货币市场在2025年第一季度产生了衰退的影响，随着更广泛的宏观经济因素继续击败市场情绪。

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.

在今年的强劲开端之后，加密货币价格达到了14个月的高度，比特币上涨了80,000美元，在过去两个月中，该市场经历了低迷。

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.

这一低迷归因于几个因素，包括经济衰退的迫在眉睫的威胁，特朗普的贸易保护主义贸易政策以及加密货币交易所攻击，在加密货币中偷走了超过5.4亿美元。

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

加密货币数据聚合器的报告强调了一些积极的发展，但它们带来了重大缺点。

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，比特币在加密货币市场中的份额增加到59％，这是2021年以来最高的，这反映了与山寨币相比，世界上最大的加密货币的性能相对稳定。

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，在此期间，比特币的价格下跌了11.8％，落后于黄金和美国国库券，分别上涨了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，以太坊的价格使所有2024年的收益蒸发了，而多曲线Defi TVL则下降了27.5％。

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

此外，尽管比特币ETF吸引了10亿美元的新鲜流入，但由于价格下跌，AUM下跌了89亿美元。

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

此外，索拉纳（Solana）成为分散交流的最受欢迎的连锁店，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.

该报告还指出，在特朗普硬币的推动下，对索拉纳的模因硬币活动的短暂激增。

"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.

报告说：“随着网络的热点开始遇到维护问题，氦令牌在第1季度面临困难，导致令牌价格下降，链条锁定总价值略有下降（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.

总体而言，加密货币市场在2025年第一季度遇到了一袋命运，其中一些积极的发展被重大缺点所抵消。

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

随着年的发展，加密货币市场是否可以克服宏观经济挑战并继续其长期看涨趋势。