Coinbase Research: Multiple indicators suggest the market may enter a new round of "crypto winter," but there is optimism for the second half of the year

ChainCatcher news, Coinbase Research released an analysis report indicating that due to the escalation of global tariffs and macroeconomic uncertainties, the crypto market may have entered a new round of "crypto winter." Currently, the total market capitalization excluding BTC is $950 billion, down 41% from the peak in December 2024, and 17% lower than the same period last year. The report notes that major assets, including the COIN50 index and BTC, have all fallen below the 200-day moving average, indicating that the overall market is in a downward trend.

Although crypto financing slightly rebounded in the first quarter of 2025, it is still down about 50%-60% compared to the peak of the 2021-22 cycle, limiting the entry of new capital, especially significantly impacting Altcoins. Coinbase stated that if market sentiment clears, a turnaround may be expected by mid-year, but a defensive strategy still needs to be maintained in the short term.