According to the CoinGecko daily market report, the crypto market cap declined 20.4% in Q1 2026 to $2.4 trillion, with commodity perpetuals on Hyperliquid and tradeXYZ surpassing Bitcoin in trading volume. Daily trading volume fell 27.2% to $117.8 billion, as bearish sentiment from late 2025 and geopolitical tensions weighed on market confidence. USDT supply decreased for the first time since Q2 2022, while crude oil emerged as the top performer with a 76.9% gain. CEX spot volume dropped 39.1% to $2.7 trillion, and Ethereum briefly surpassed Solana in DEX activity. Hyperliquid’s commodity perpetuals now account for 30% of total open interest.

Huo Xing Cai Jing reports that on April 16, CoinGecko released the "Q1 2026 Cryptocurrency Industry Report." Affected by the bearish momentum at the end of 2025 and global geopolitical instability, the total cryptocurrency market cap declined by 20.4% ($622 billion) in Q1, closing the quarter at $2.4 trillion—approximately 45% below the peak in October 2025. Daily average trading volume decreased by 27.2% quarter-over-quarter to $117.8 billion. The total market cap of stablecoins remained flat at $309.9 billion. USDT supply saw its first decline since Q2 2022 (-1.6%), while USDC grew 2.4% to $77.1 billion. Due to supply shocks from the Iran-Israel conflict, crude oil surged 76.9%, becoming the best-performing asset in Q1; Bitcoin fell 22.0%, while the Nasdaq and S&P 500 declined 7.1% and 4.8%, respectively. CEX Spot Trading: The top ten centralized exchanges recorded a 39.1% quarter-over-quarter drop in spot trading volume to $2.7 trillion, with only $800 billion traded in March—the lowest since November 2023. DEX On-Chain Trading: Solana maintained its lead with a 30.6% quarterly share, but was overtaken by Ethereum in March. Monad entered the top ten. Hyperliquid benefited from the HIP-3 upgrade supporting commodity perpetuals, with commodity contracts now accounting for approximately 30% of Hyperliquid’s total open interest. On April 9, tradeXYZ’s two crude oil perpetual contracts recorded a single-day trading volume exceeding $4 billion, surpassing Bitcoin’s daily trading volume on Hyperliquid for the first time.