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.