Mars Finance News, on April 16, Coinbase Research released a research report stating that Bitcoin and the COIN50 index have both fallen below their 200-day moving averages, indicating that the market may be in the early stages of a long-term downward trend. This is consistent with the trend of declining total market value and venture capital shrinkage, both of which are important characteristics of a potential "Crypto Winter". The report points out that many signs suggest extreme negative sentiment has emerged, and a new "Crypto Winter" may be beginning, especially with the implementation of global tariffs and the possibility of further escalation. Meanwhile, cryptocurrency venture capital in the first quarter of 2025 has somewhat rebounded compared to the previous quarter, but is still 50-60% lower than the peak levels of the 2021-2022 cycle. This greatly limits new capital entering the ecosystem, especially for Altcoins. All these structural pressures stem from the broader macroeconomic environment's uncertainty, with traditional risk assets facing continuous resistance from fiscal tightening and tariff policies, leading to investment decision paralysis. With poor stock market performance, the path to cryptocurrency recovery remains challenging, even with some unique favorable regulatory environment factors. The interaction of these factors makes the cyclical prospects in the digital asset domain difficult, and caution may still be needed in the short term (perhaps in the next 4-6 weeks). However, the report also believes that investors need to adopt tactical market strategies and remain optimistic about the second half of 2025.