Coinbase Research: Multiple indicators show that the market may enter a new round of "crypto winter"

Odaily News Coinbase Research released an analysis report pointing out that due to the impact of global tariff escalation and macro uncertainty, the crypto market may have entered a new round of "crypto winter". The total market value after excluding BTC is currently $950 billion, down 41% from the high point in December 2024 and 17% lower than the same period last year. The report pointed out that major assets including the COIN50 index and BTC have fallen below the 200-day moving average, indicating that the overall market has entered a downward trend.
Although crypto financing rebounded slightly in the first quarter of 2025, it is still down about 50%-60% from the peak of the 2021-22 cycle, limiting the entry of new capital, especially affecting Altcoins. Coinbase said that if market sentiment is cleared, there may be a turnaround in the middle of the year, but a defensive strategy still needs to be maintained in the short term.