Global crypto adoption cooled in the first quarter as retail activity faced headwinds from a stronger dollar, higher interest rates and a broader risk-off environment. TRM Labs’ Q1 Global Crypto Adoption Index recorded an 11% year-over-year drop in retail volumes to $979 billion, marking a second consecutive quarterly contraction and the sharpest pullback since the 2022 bear market. Bitcoin’s price also slid, falling about 22% in the quarter after a late-2025 rally that topped above $126,000.

“This downturn underscores the sector’s sensitivity to macro conditions,” TRM Labs noted, highlighting how shifts in global liquidity and risk appetite translate into thinner retail participation across markets.

Key takeaways

• Retail…