Updated for Q1 2025: Kaiko Spot Exchange Ranking
Welcome to the index in focus!
Welcome to the Index in Focus! As we approach the end of the first quarter, this week we’re taking a closer look at sectors and themes to see where prices moved the most and what’s in store for the next quarter. In the report, we explore:
-
What’s behind the spike in volatility in Q1.
-
Sector and thematic performance, with a focus on memecoins.
-
Outlook for Q2.
Introduction
Rising uncertainty in crypto markets in the first quarter led to increased market volatility and a subsequent downturn in prices.
The U.S. presidential inauguration on January 20 further amplified volatility amid deteriorating macroeconomic conditions, despite an improved regulatory outlook for digital assets. Measures against trade partners continued to weigh on a broad range of assets throughout the quarter. As a result, volatility spiked and prices plunged.
This uncertainty has significantly affected the performance of crypto assets and seems to have weighed most on smaller, less established assets, with the KT10 falling at a faster pace than the KT5 since January 20.
As we head into the second quarter, the outlook remains largely uncertain from a macro standpoint. However, when it comes to crypto markets specifically, there is some cause for optimism. For the first time in several quarters, options markets aren’t pricing in any major risk events for the coming quarter.
Read more below about how sectors and themes have performed this quarter and more.