Based on CoinGecko, the crypto market has entered a “sustained crypto winter” as spot buying and selling volumes on centralized crypto exchanges sharply declined within the first quarter of 2026.
CoinGecko stated in a report on Thursday that the market capitalization of cryptocurrencies fell by greater than 20% within the first quarter as “bearish momentum from late 2025 collided with world geopolitical instability.”
This triggered the highest 10 concentrated exchanges by spot buying and selling quantity to drop by 39% in comparison with the quarter ended March, from $4.5 trillion within the fourth quarter of 2025 to $2.7 trillion.
The decline comes because the cryptocurrency market struggles to take care of robust momentum after Bitcoin (BTC) hit a document excessive of greater than $126,000 six months in the past, because the broader market reacted to issues about an financial slowdown and uncertainty surrounding the fallout from February’s US-Israeli assault on Iran.
Based on CoinGecko, March was the “weakest month” with buying and selling quantity of $800 billion, the bottom stage since November 2023.
CoinGecko stated the crypto market contraction has been exacerbated by the appointment of Kevin Warsh as chairman of the US Federal Reserve, which alerts a “potential hawkish shift in US financial coverage.”
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It added that day by day buying and selling exercise throughout the cryptocurrency market “considerably decreased” within the first quarter, with a median day by day buying and selling quantity of $117.8 billion, a 27% lower in comparison with the fourth quarter of 2025.
Based on CoinGecko, the highest 10 spot centralized exchanges all recorded a decline in buying and selling quantity within the first quarter, with HTX (previously Huobi) posting the “greatest stoop” quarter-over-quarter, with buying and selling quantity down 55% to $133.6 billion.
The paper stated Bitcoin fell 22% within the first quarter and “continues to underperform all property, at the same time as U.S. inventory indexes such because the Nasdaq and S&P 500 fell -7.1% and -4.8%, respectively, their worst quarterly returns since 2022.”
Large query: Ought to I promote my Bitcoin for a nickel to get a 43% revenue?
