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CoinGecko's report on the cryptocurrency industry for the first quarter of 2026 shows that the cryptocurrency market has shifted from a sharp correction to a prolonged "winter," with the total market capitalization of cryptocurrencies dropping by 20.4% ($622 billion), ending the first quarter of 2026 at $2.4 trillion, a decrease of about 45% from the peak in October 2025.The report also states that the market capitalization of stablecoins remains unchanged at $309.9 billion, with a decline in USDT supply, marking the first decrease since the second quarter of 2022.Crude oil prices performed the strongest in the first quarter of 2026, rising by 76.9%, while Bitcoin fell by 22.0% alongside the stock market.In the first quarter of 2026, the spot trading volume on centralized exchanges decreased by 39.1% to $2.7 trillion, with March setting a new monthly low of $80 billion.Solana continues to dominate the spot trading volume on decentralized exchanges, expected to hold a 30.6% market share in the first quarter of 2026.Driven by the demand for all-weather oil trading, commodity traders currently account for about 30% of Hyperliquid's open contracts.

According to CoinDesk, Ethereum processed 200.4 million base layer transactions in the first quarter of 2026, setting a new historical high and becoming the first quarter to surpass 200 million transactions.Data shows that this metric has continued to recover since its low of about 90 million transactions in 2023, with Q1 2026 growing 43% compared to 145 million transactions in Q4 2025. The report points out that this round of growth is mainly driven by Layer 2 network settlements and bridging activities, as well as an increase in stablecoin usage; currently, the supply of stablecoins on the Ethereum chain has reached $180 billion, accounting for about 60% of the global stablecoin market. However, the price of ETH has still fallen over 50% from its high of nearly $5,000 in August 2025.

According to data from TheMinerMag, in the first quarter of 2026, publicly listed Bitcoin mining companies including MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer collectively sold over 32,000 BTC, surpassing the total amount sold throughout last year and even exceeding the sell-off levels triggered by the Terra-Luna collapse in Q2 2022, setting a "new record for a single quarter."The backdrop of this sell-off is the key metric for measuring miner profitability, "hashprice," which has fallen to a historical low of below $35 per PH/s per day, with about 20% of miners already in the red. Asset management firm CoinShares stated in its report: "Unless the BTC price rebounds significantly, high-cost miners will further capitulate in the first half of 2026."

According to official social media news, Huobi HTX will hold a live broadcast themed "HTX Q1 Quarterly Burn is Coming: Will It Enter a Value Reversion Cycle?" today at 20:00 (UTC+8). At that time, HTX DAO core builders Molly, Helium, HTX DAO governance committee member Mao Mao Jie, ppp, HTX DAO listing observer Da Biao Ge, HTX research team leader Cloud, and HTX DAO Volunteer Association president Lan Yang Yang will all attend to engage in an in-depth discussion on the execution of the Q1 burn mechanism, the evolution path of the deflation model, and the subsequent HTX empowerment and ecological construction direction.

According to the official announcement from HTX DAO, the token burn of $HTX for the first quarter of 2026 was successfully completed on April 15. On-chain data shows that a total of 10,825,402,253,521.04 $HTX tokens were burned, equivalent to a value of over 19.215 million USD. It is noteworthy that despite a 27% quarter-on-quarter decline in the overall trading volume of the cryptocurrency market in the first quarter of this year, Huobi HTX still maintained a strong revenue conversion ability, consistently executing the quarterly burn of $HTX, demonstrating a certain level of anti-cyclical capability.This counter-trend performance further solidifies the extreme deflationary economic model of $HTX. Data shows that since 2024, the cumulative amount of $HTX donated and burned by HTX DAO has exceeded 11% of the total issuance, with an annual deflation rate as high as 5.5%. This hardcore deflationary pressure far exceeds that of most mainstream tokens in the market, endowing $HTX with strong long-term scarcity and value support.

The official announcement from the American cryptocurrency exchange platform Coinbase Global states that it will release its financial performance report for the first quarter of 2026 after the close of the US stock market on May 7, 2026, and will hold a video conference at 2:30 PM Pacific Time on the same day to interpret the results.

According to market news, a report released by the blockchain security company Hacken shows that Web3 projects lost a total of $464.5 million this quarter due to hacker attacks and scams, with phishing and social engineering attacks accounting for $306 million, becoming the main source of losses.A hardware wallet scam that occurred in January caused a loss of $282 million, accounting for 81% of the total quarterly losses. Smart contract vulnerabilities led to losses of $86.2 million, while access control failures (including breaches of keys and cloud services) caused losses of $71.9 million. The report points out that the largest security incidents often occur in off-chain operations and infrastructure layers, which traditional audits find difficult to cover. The European regulatory frameworks MiCA and DORA are increasing requirements for security monitoring and incident response, and global regulatory agencies are also raising standards for real-time monitoring and emergency response.

Bitget's transparency report for the first quarter of 2026 released today shows that user trading behavior is accelerating its shift from single cryptocurrency assets to multi-asset portfolios. By the end of the first quarter, the trading volume of non-cryptocurrency assets such as commodities accounted for 20%-40%, while the proportion of cryptocurrency assets fell from its dominant position at the beginning of the year to 60%-80%. The fluctuation of this data marks that a panoramic asset portfolio has become a core strategy for high-net-worth investors.On the product and ecosystem level, Bitget released the white paper for the panoramic exchange UEX in the first quarter, further clarifying the direction of integration of cryptocurrency assets, tokenized assets, and AI-driven trading under a unified framework. At the same time, the platform continues to strengthen its AI trading infrastructure, successively launching Agent Hub and GetClaw, promoting the evolution of AI from an auxiliary tool to an execution system, allowing agents to access real-time market data, identify trading signals, and execute operations autonomously under established parameters.Bitget CEO Gracy Chen pointed out: "The boundaries between the cryptocurrency market and traditional finance are rapidly dissolving, and the explosive growth of CFD business indicates the arrival of a unified market. Users are no longer making binary asset choices but are engaging in efficiency games with diverse assets under the same logical system."

According to BBX data, today (April 13), the U.S. Senate resumed its full session after the Easter recess, and cryptocurrency concept stocks maintained wide fluctuations under the dual variables of policy expectations and geopolitical pressures. The core dynamics are as follows:SpaceX (not listed) according to on-chain data from Arkham Intelligence and a report from The Information on April 11, currently holds 8,285 BTC, with a market value of approximately $603 million, custodied on the Coinbase Global, Inc. (NASDAQ: $COIN) institutional custody platform Coinbase Prime; for the fiscal year 2025, it is expected to record a net loss of nearly $5 billion due to acquisition expenses from its subsidiary xAI (compared to a profit of approximately $8 billion in the same period last year). On-chain data shows that this holding has not changed since mid-2024. It should be noted that the above holding data comes from a third-party on-chain tracking platform, and SpaceX has not officially disclosed it through official documents.Morgan Stanley (NYSE: $MS) launched the Morgan Stanley Bitcoin Trust (NYSE Arca: $MSBT) on April 8, with a management fee rate set at 0.14%, lower than BlackRock's iShares Bitcoin Trust (NASDAQ: $IBIT) at 0.25%; $IBIT currently has a management scale of approximately $55 billion, making it the most liquid Bitcoin spot ETF in the market. Analysts point out that the low fee rate of $MSBT, combined with Morgan Stanley's vast wealth management client network, poses a direct challenge to the existing funding landscape of IBIT, marking a shift in competition in the Bitcoin ETF market from "access competition" to "fee and distribution competition."Strategy, Inc. (NASDAQ: $MSTR) disclosed by Bloomberg on April 6, reported a paper loss of approximately $14.5 billion in Bitcoin holdings for Q1 2026, marking the worst quarter for Bitcoin since 2018 (with a decline of over 20% during the quarter); nevertheless, as of April 5, the company still holds 766,970 BTC, with a total holding cost of approximately $58.02 billion (average price $75,644), and during this period, it continued to purchase an additional 4,871 BTC, with founder Michael Saylor having not sold any holdings to date.

The research report on cryptocurrency market share for the first quarter of 2026 published by CoinGlass shows that the total trading volume in the spot market for the first quarter was approximately $1.94 trillion, while the trading volume for derivatives was about $18.63 trillion, totaling around $20.57 trillion, with a ratio of derivatives to spot trading volume of about 9.6 times.In terms of core indicators, Binance's derivatives trading volume reached approximately $4.9 trillion, accounting for about 34.9% of the top ten exchanges; the average daily open interest was approximately $23.9 billion, accounting for about 29.9%; and user asset reserves were approximately $152.9 billion, accounting for about 73.5% of major centralized exchanges.In terms of derivatives trading volume, Binance, OKX, Bybit, Gate, and Bitget ranked in the top five. In the dimension of open interest, the second tier ranking changed to Bybit, Gate, OKX, and Bitget. In terms of user asset reserves, only OKX had reserves exceeding $10 billion after Binance, while Gate, Bitget, and Bybit had reserves ranging from $5 billion to $7 billion.

According to The Block, based on the 8-K document submitted by Strategy to the U.S. Securities and Exchange Commission, the company reported an unrealized loss of approximately $14.46 billion in Bitcoin for the first quarter of 2026. However, the related tax implications resulted in approximately $2.42 billion in deferred tax assets, partially offsetting the book losses.Despite the holdings being in a state of unrealized loss, Strategy chose to continue increasing its Bitcoin holdings in early April. The related funds mainly came from its ATM (at-the-money) equity financing plan, which is also part of its "42/42" financing strategy, aiming to raise $84 billion by 2027 for continued Bitcoin accumulation.

According to CoinDesk, in the first quarter of 2026, institutional investors purchased a total of 69,000 bitcoins, while retail investors sold 62,000 bitcoins during the same period.

Glassnode's on-chain data shows that Bitcoin holders with 100 to 1,000 coins, referred to as "sharks," and those with 1,000 to 10,000 coins, known as "whales," have realized daily losses of approximately $188.5 million and $147.5 million, respectively, totaling about $337 million. The cumulative locked-in losses for the year have reached as high as $30.9 billion, nearing the levels seen during the 2022 bear market.Analysis indicates that the current selling pressure stems from rising macro risks (inflation expectations, crowded AI trading, etc.) and weakening market confidence, with large holders accelerating their stop-loss exits. Meanwhile, long-term holders (LTH) continue to realize daily losses at a high level of about $200 million, indicating that there has not yet been a clear "exhaustion of selling pressure" in the market. Institutions believe that under multiple pressures, Bitcoin still faces further downside risks, with some views suggesting a potential bottom range between $40,000 and $50,000.

According to DL News citing DefiLlama data, cryptocurrency startups raised nearly $5 billion in the first quarter of 2026, a year-on-year decrease of 16%. However, the investment ecosystem continues to evolve, with funding shifting significantly from speculative tokens to practical sectors such as payments and trading infrastructure. Among them, the prediction market sector leads with over $1.7 billion, while payments and trading infrastructure attracted $735 million and $423 million, respectively. Top non-crypto institutions such as Sequoia Capital, Founders Fund, Bain Capital, and Alibaba are also accelerating their entry.The top ten financing projects in Q1 are as follows: • Kalshi: $1 billion, valuation of $22 billion, led by Coatue Management, CFTC-regulated prediction market leader • Polymarket: $600 million, investment from Intercontinental Exchange (ICE), leading decentralized prediction market platform • Rain: $250 million Series C, valuation of nearly $2 billion, led by Iconiq Capital, stablecoin payment infrastructure • BitGo: $213 million, NYSE IPO, valuation of over $2 billion, crypto custody institution • Flying Tulip: $206 million, public token sale, led by DeFi architect Andre Cronje, integrating trading/lending/insurance • Whop: $200 million, Tether.

JPMorgan analysis indicates that the capital flow of digital assets in the first quarter of 2026 is approximately $11 billion, only about one-third of the same period last year, showing a significant slowdown in market momentum.At the current annualized pace, the total capital flow for the year may be around $44 billion, far below the historical peak of about $130 billion in 2025. In terms of capital structure, the main sources of inflow this quarter are corporate balance sheet allocations (especially companies like Strategy continuously buying Bitcoin) and crypto venture capital, while participation from traditional investors (including institutions and retail investors) has significantly declined. Additionally, CME Bitcoin futures positions have weakened, reflecting a negative shift in institutional demand; spot Bitcoin and Ethereum ETFs experienced capital outflows in January, and although there was some inflow in March, the overall trend remains weak. The analysis suggests that the current market exhibits a structure characterized by "a few large funds dominating," rather than a broad capital return.