The cryptocurrency market experienced notable volatility and shifts in the first quarter of 2025. Ethereum has declined approximately 74-77% against Bitcoin since its transition from Proof of Work to Proof of Stake in September 2022, erasing all its gains made in 2024 and falling back to 2023 price levels. Bitcoin dominance increased to 59.1%, reflecting its strengthened position in the market. The total crypto market capitalization hovered around $2.68 to $2.74 trillion, with a slight rise of 0.735% reported in mid-April 2025. The decentralized finance (DeFi) sector saw a substantial drop in total value locked (TVL), losing $48.9 billion or 27.5% during this period. Centralized exchange (CEX) spot trading volumes declined by approximately 16.3% quarter-over-quarter, with Binance maintaining its dominance with a 40.7% market share and increasing by nearly 5% in Q1. Binance's Retail Dominance Index reached 89.6%, indicating broad retail participation, while Coinbase Prime's index stood at 18.3%, highlighting its institutional focus. Among tokens, T token led weekly gains with a 30.6% increase, followed by CORE at 27.2% and TFUEL at 16.6%. The market also faced challenges including the collapse of the Mantra token by 93%, controversies surrounding meme coins following the LIBRA rug-pull, and an AWS outage affecting major platforms. Overall, the crypto market showed signs of cooling with some speculation about whether it is entering a bear market or a short-term correction.