Is This a Crypto Winter? Post-Regulation Market Shift
As markets enter a downturn, skepticism toward the crypto market is growing. The question now is whether we have entered a crypto winter.
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Crypto winters follow a sequence: major event → trust collapse → talent exodus
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Past winters caused by internal problems; current rise and fall both driven by external factors; neither winter nor spring
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Post-regulation market split into three layers: regulated zone, unregulated zone, shared infrastructure; trickle-down effect gone
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ETF capital stays in Bitcoin; does not flow outside regulated zone
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Next bull run requires killer use case + supportive macro environment
The first winter came in 2014. Mt. Gox was an exchange handling 70% of global Bitcoin trading volume at the…
