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

Odaily Planet Daily News: Coinbase Research has released an analysis report stating that the cryptocurrency market may have entered a new round of "crypto winter" due to the impact of global tariff escalation and macro uncertainty. At present, the total market value excluding BTC is $950 billion, a decrease of 41% from the high point in December 2024 and 17% lower than the same period last year. The report points out that major assets including COIN50 index and BTC have fallen below their 200 day moving averages, indicating that the overall market is entering a downward trend. Although cryptocurrency financing slightly rebounded in the first quarter of 2025, it still decreased by about 50% -60% compared to the peak of the 2021-22 cycle, limiting the entry of new capital, especially with significant impact on Altcoin. Coinbase stated that if market sentiment clears, there may be a turning point in the middle of the year, but defensive strategies still need to be maintained in the short term.