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

The analysis report points out that due to the global tariff escalation and macroeconomic uncertainty, the crypto market may have entered a new round of "crypto winter". The total market value excluding BTC is currently 950 billion US dollars, down 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 all fallen below the 200-day moving average, indicating an overall downward trend in the market.

Although crypto financing rebounded slightly in Q1 of 2025 compared to its peak during the cycle of years 2021-22 it still fell by about 50%-60%, limiting new capital entry especially affecting Altcoin significantly. The report suggests that if market sentiment clears up, there might be a turnaround mid-year but defensive strategies need to be maintained in short term.