🥶 CoinGecko: The crypto market is in a long-term winter – exchange volume fell 39% in a single quarter

If you don't look at a single K-line, but look at the "pulse of the market", the picture is actually very simple: fewer people are trading, less funds are flowing, and interest is cooling down. CoinGecko calls this a long crypto winter.

➡️What happened to trading volume?

🟡 In the first quarter of 2026, spot trading volume on the top 10 centralized exchanges fell by 39%
🟡 Approximately $4.5 trillion in Q4 2025 → Falling to approximately $2.7 trillion in Q1 2026
🟡March was the weakest month: around $800 billion in trading volume – the lowest since November 2023

➡️ What’s happening in the market as a whole

🟡 Total crypto market cap fell by more than 20% in one quarter
🟡 CoinGecko believes that this is the result of the overlay of bear market momentum and global instability in late 2025
🟡About half a year ago, BTC broke through $126,000 and hit a new high, but the market has never been able to maintain a sustainable rise.

➡️ Why the first quarter was so bad

🟡 Concerns about an economic slowdown and geopolitical issues surrounding Iran weighed on market sentiment
🟡 Discussions about possible further tightening of U.S. monetary policy have also dampened expectations
🟡 Average daily trading volume of the market fell to $117.8 billion, down 27% from the fourth quarter of 2025

➡️Who was injured the most?

🟡 All the top 10 exchanges experienced a decline in trading volume
🟡 The biggest decline was HTX: down about 55% month-on-month to $133.6 billion

➡️ What’s going on with Bitcoin?

🟡 BTC is down ~22% this quarter
🟡 At the same time, US stock indexes also fell, but to a smaller extent: NASDAQ about −7.1% and S&P 500 about −4.8%
🟡 This once again illustrates a core fact: in the "winter", the crypto market almost always falls harder because it is often the first to lose demand

Conclusion: Declining volumes are not "noise" but a direct signal that the market has become discouraged. As long as trading activity has not returned, any rebound will look fragile: there is little new money, little confidence, and many people who want to get out of the market while the price is up.

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