According to ChainCatcher, Coinbase Research has released an analysis report indicating that the cryptocurrency market may have entered a new “Crypto Winter” due to escalating global tariffs and macroeconomic uncertainty. Currently, the total market Capital excluding BTC is $95 billion, down 41% from its December 2024 peak and 17% lower than the same period last year. The report notes that major assets, including the COIN50 index and BTC, have fallen below their 200-day moving Medium , indicating a general bearish trend in the market.
Although crypto investment Capital have recovered slightly in the first quarter of 2025, they are still down about 50%-60% from the 2021-22 cycle peak, limiting new Capital flows and especially affecting Altcoins. Coinbase said that if market sentiment completes the purification process, there may be a turning point in the middle of the year, but it is necessary to maintain a defensive strategy in the short term.
