Q4 Market Review: After a 25% decline, stablecoins and DEXs are quietly reshaping the market landscape

SignatureVerifier · 2026-01-09T21:20:11+00:00

Q4 the total market capitalization of the crypto market declined by 25%-27%, with Bitcoin dropping from $126,000 to $80,000. Despite the downturn, stablecoins remained stable, and large investors accumulated chips through stablecoins. Meanwhile, trading activity on decentralized exchanges increased, and the market ecosystem is changing.

SignatureVerifier

2026-01-09 21:20:11

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【Crypto World】Recently, I came across a market report that analyzed Q4 data, and it was quite interesting. The total market capitalization of the crypto market has declined from $2.9 trillion, with a drop of around 25%-27%. Bitcoin, in particular, fell from its October high of $126,000 to just over $80,000. It sounds fierce, but a closer look at trading performance reveals that this is not just a panic sell-off—ETF fund outflows and a surge in trading volume indicate a typical “distribution” phase.

But here’s the interesting part: in the context of a declining market, stablecoins have actually stabilized. On-chain trading volume shows that stablecoins account for about 30%, indicating that large investors and institutions are accumulating positions with stablecoins during the downturn. Even more interesting is that the share of spot trading on DEXs and CEXs has increased to around 20%, suggesting that activity on decentralized exchanges is rising, and the market structure is quietly changing. It seems that although the market is adjusting, the underlying trading ecosystem is undergoing a reshuffle.

BTC2,11%

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