🚨 HAS CRYPTO BEEN IN “WINTER” SINCE EARLY 2025?
According to a recent Chia by @Matt_Hougan, CIO of @BitwiseInvest, the crypto market actually entered crypto winter in January 2025, it's just that many people didn't realize it then.
Bitcoin has now fallen nearly 40% from its peak, Ethereum has dropped over 50%, and other altcoins have fared even worse.
👉This is no longer a "correction within a Bull market," but a genuine downturn, quite similar to what happened in 2018 or 2022.
What many find confusing is that good news keeps coming out—ETFs, institutional investments, legal changes, adoptions, etc.—but the price still keeps falling.
Because during crypto winter, good news rarely has an immediate effect. The market doesn't react with excitement, but rather with apathy and weariness.
According to Matt, not all assets experience the "winter" in the same way. Those heavily supported by institutions through ETFs or Treasury decline less, while most purely retail altcoins entered their winter very early.
👉 In other words, retail has entered this phase since the beginning of 2025, it's just that institutional money has masked that feeling in a few large assets.
However, crypto winters in history don't last forever. Usually, they don't end with any good news, but rather when everyone is discouraged, exhausted, and no one wants to talk about the market anymore.
👉 And according to Matt, if we look at the timeline, it's possible we're near the end rather than the beginning of this phase.
Do you guys think the current market feels like the middle of winter, or are we just entering this phase? 🥹
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