On April 17, according to BeInCrypto, according to CoinGecko's quarterly report, in the first quarter of 2025, the total market value of cryptocurrencies fell sharply by 18.6%, with losses reaching US$633.5 billion. As token prices fell, investor activity decreased significantly, and daily trading volume dropped by 27.3% month-on-month compared with the end of 2024. Among them, the spot trading volume of centralized exchanges fell by 16.3%. CoinGecko analyzed that this was at least partially related to the hacking incident on Bybit Exchange. In the first quarter of 2025, Bitcoin's market dominance increased, accounting for 59.1% of the total market value of cryptocurrencies. Bitcoin has never reached such a high market share since 2021, demonstrating its stability relative to other cryptocurrencies. However, bitcoin prices also fell 11.8%, underperforming gold and U.S. Treasury bonds. The report also showed that losses to other cryptocurrencies were more serious. All the gains accumulated by Ethereum in 2024 disappeared in the first quarter of 2025, and the total lock-in value (TVL) of multi-chain DeFi also fell by 27.5%.