[2026 Q1 Crypto Report: Farewell to Speculative Frenzy, Market Accelerates Reshuffling in Structural Bear Market] In Q1 2026, the crypto market entered a structural bear market, with total market capitalization shrinking by 20% to $2.4 trillion. Capital flowed into stablecoins and on-chain commodity trading, as the market shifted from speculation to a critical restructuring of financial infrastructure.