According to ChainCatcher, Coinbase Research released an analysis report indicating that the crypto market may have entered a new "Crypto Winter" due to global tariff escalation and macroeconomic uncertainty. Currently, the total market capitalization excluding BTC is $95 billion, down 41% from the December 2024 peak and 17% lower than the same period last year. The report noted that major assets, including the COIN50 index and BTC, have fallen below the 200-day moving average, indicating an overall market downward trend.

Although crypto financing slightly rebounded in the first quarter of 2025, it is still down approximately 50%-60% compared to the 2021-22 cycle peak, limiting new capital inflow, with a particularly significant impact on Altcoins. Coinbase stated that if market sentiment completes a clearing, there might be a turning point in the middle of the year, but a defensive strategy needs to be maintained in the short term.