Market Updates: CoinGecko Reports 39% Drop in Q1 CEX Volumes, Arthur Hayes Discloses 90% Bitcoin Position, Key Researcher Josh Stark Exits Ethereum Foundation

Latest Market Updates: As of 17th April 2026.

CEX Volumes See 39% Decline in Q1

A fresh analysis from CoinGecko indicates that the cryptocurrency market has entered a sustained “crypto winter” in the first quarter of 2026, reversing much of the momentum seen in late 2025.

According to the report, total crypto market capitalization declined by more than 20% in Q1 2026. Trading activity also weakened sharply. Spot volumes across the top 10 centralized exchanges dropped to $2.7 trillion in Q1, down from $4.5 trillion in the previous quarter, a steep 39% decline.

Bitcoin reflected this broader weakness, falling 22% over the same period. This came despite having reached an all-time high of roughly $126,000 six months earlier.

Notably, Bitcoin underperformed traditional equity markets during the same period. The NASDAQ Composite declined 7.1%, while the S&P 500 fell 4.8%, marking their weakest quarterly performance since 2022.

CoinGecko links the broader risk-off environment to a combination of geopolitical and monetary policy pressures. Market sentiment was dampened following US–Israeli strikes on Iran in February 2026.

Meanwhile, expectations of tighter monetary policy, associated with the nomination of Kevin Warsh, further weighed on risk assets.

Hayes Discloses 90% Bitcoin Position While Eyeing Select Altcoins

Despite weakening market sentiment, some prominent investors remain heavily committed to Bitcoin.

In a recent conversation with Anthony Pompliano, Arthur Hayes disclosed that over 90% of his net worth remains allocated to Bitcoin. He attributed his continued exposure to a low cost basis, which allows him to remain largely inactive during periods of volatility.

However, Hayes also signaled selective interest in alternative opportunities, mentioning Zcash and Hyperliquid as areas he is watching more closely.

He added that he is not deploying new fiat capital into Bitcoin at current levels. Instead, he is waiting for what he describes as a major liquidity expansion event that could reshape broader market conditions.

Arthur Hayes: 90% of My Net Worth Is Bitcoin

On April 10, 2026, BitMEX Co-founder Arthur Hayes @CryptoHayes stated in Anthony Pompliano’s interview that over 90% of his net worth is in Bitcoin. Given his low cost basis, he remains inactive amid market fluctuations.

When… pic.twitter.com/vrEYGPWPc1

— Wu Blockchain (@WuBlockchain) April 17, 2026

Ethereum Foundation Loses Key Researcher Josh Stark

Meanwhile, notable personnel changes continue within the Ethereum ecosystem. Researcher Josh Stark has announced his departure from the Ethereum Foundation after five years.

Stark did not disclose specific reasons for leaving, stating only that he plans to take time off to focus on personal priorities. 

His exit follows structural changes introduced by Vitalik Buterin in 2025 to reshape the foundation’s leadership and long-term direction.

Notably, Stark’s departure comes just one day after contributor Trent Van Epps also stepped down. Together, these exits point to ongoing internal restructuring within one of the industry’s most influential organizations.

Zonda Exchange Faces Scrutiny Over Inaccessible Bitcoin Wallet

At the same time, operational risks have come into focus at the Zonda exchange, where a cold wallet containing approximately 4,500 Bitcoin has become inaccessible.

CEO Przemysław Kral addressed the issue publicly, stating that the wallet’s private keys were never transferred to the company. He also rejected allegations of fund misuse. 

Kral attributed responsibility to former CEO Sylwester Suszek, who has been missing since 2022, saying he was the individual who was meant to hand over access. The unresolved situation has intensified concerns surrounding the exchange.

The disclosure comes amid ongoing controversy, following reports of a regulatory investigation by Polish authorities. It also follows an analysis by blockchain platform Recoveris, which suggested Zonda could be insolvent due to a significant decline in its hot wallet balances.