Odaily Planet Daily News: Coinbase Research released an analysis report pointing out that due to the escalation of global tariffs and macro uncertainties, the crypto market may have entered a new round of "crypto winter." The total market value excluding BTC is currently $950 billion, down 41% from its December 2024 high 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 was still down about 50%-60% from the cycle high in 2021-22, 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.