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 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 all 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 still fell by about 50%-60% compared to the 2021-22 cycle high, limiting new capital entry, especially with a significant impact on Altcoin. Coinbase said that if market sentiment is cleared, it may usher in a turnaround in the middle of the year, but defensive strategies still need to be maintained in the short term.