加密货币市场于2025年开发了过山车

加密货币市场在2025年乘坐过山车开始，在今年的头三个月内丧失了超过6330亿美元的价值。

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.

加密货币市场于2025年开始过山车，在一年的头三个月内降低了超过6330亿美元的价值，因为主要资产，NFTS和DEFI协议在全球经济不确定性，监管镇压和Meme Coin Coin Hyssteria的全球经济不确定性中造成了实质性损失。

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.

根据Coingecko新发行的2025年第1季度加密行业报告，在年初，乐观态度很高，因为比特币在多纳尔德·特朗普总统就职两天后，比特币在1月22日达到了106,182美元的新历史最高点。

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，这种热情是短暂的。随着美国政府对主要经济体征收新的贸易关税，投资者的情绪恶化，导致了全市场的抛售。

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，加密货币市值已从3.8万亿美元的峰值下降到2.8万亿美元，标志下降了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.

比特币下降了11.8％，在$ 82,514上结束了第1季度，虽然尤其是其市场优势升至59.1％，这是自2021年初以来最高的。

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）经历了一个残酷的季度，坠毁了45.3％，至1,805美元，并抛弃了大量的市场份额。

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.

该季度的另一个主要话题是成年人的迅速崛起和迅速崩溃。特朗普的官方特朗普令牌于1月推出，使索拉纳（Sol）（Sol）飙升了近39％，达到了创纪录的293美元。

But this rally did not last.

但是这个集会并没有持续。

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.

索尔（Sol）与更广泛的成员类别一起在涉及$ libra的丑闻后遭受了严重损失，这是阿根廷总统总统贾维尔·米利（Javier Milei）认可的代币，事实证明，这是经典的地毯拉力，在数小时内削减了46亿美元的市值。

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.

后果看到了Memecoin发射平台泵的活动。FUNPLUMMET PLUMMET，从1月到第一季度结束时，每天的代币发射下降了56％以上。

Stablecoins, RWAs and Bitcoin ETs a safe haven

Stablecoins，RWA和比特币ETS避风港

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.

尽管市场的大部分价值，但Stablecoins仍然具有弹性。 Stablecoin行业在第一季度增长了245亿美元，达到了创纪录的2261亿美元的总市值。 USDC看到了最大的增长，增加了161亿美元，而USDT增长了64亿美元。

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.

随着投资者寻求更安全，产生产生的选择，在挥发性硬币之外寻求更安全的产生选择，现实世界中的资产（RWA）象征性项目也获得了关注。 RWA协议中的TVL飙升至100亿美元，像Blackrock和Fidelity这样的主要参与者扩大了基于区块链的资金。

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.

美国现货比特币ETS也吸引了10亿美元的净流入，尽管由于比特币的价格下跌，管理中的整体资产下降了。

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，分散的财务（DEFI）部门尚未幸免，损失了230亿美元的市值，下降了19.3％。液体蒸发和重新制定方案特别受到打击，总价值锁定了320亿美元。然而，由于在RWA和Stablecoin支持的协议中，Defi在总加密市场中的份额保持稳定为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.

贝拉辛（Berachain）是Defi现场的新进入者，在2月推出后的几周内迅速积累了52亿美元的TVL，这是一个原本令人沮丧的Defi季度的罕见亮点。

NFT trading slumps, Bitcoin Ordinals rise

NFT贸易低迷，比特币序列上升

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进行了殴打，交易量比12月的13亿美元至3月的8亿美元下降了38.2％。基于以太坊的NFT是最大的伤亡人数，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，在魔术伊甸园对一波备受瞩目的序数造币厂之后，比特币NFTS（序列）在3月的繁荣繁荣时看到了令人惊讶的激增，超过了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个集中式交易所的Pront Pot交易量下降了16.3％，至5.4万亿美元。然而，二元将市场份额降至40.7％。值得注意的是，在2月份进行了14亿美元的黑客攻击后，Bybit的卷量减少了一半。

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7007亿美元。诸如Raydium和Orca之类的基于Solana的Dexes在Memecoin热潮的推动下记录了强劲的增长。

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

永久性期货德克斯（Dexes）享有创纪录的季度，在处理5498亿美元的交易后，超流利率捕获了68.8％的市场份额。

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

随着第二季度展开几个不确定性，该行业面临着谨慎的前景。宏观经济压力和监管不确定性持续