Tiger Research: What Makes This Crypto Winter Different? | Blockchain Industry Original In-Depth Content – Authoritative Industry Analysis Report Interpretation – Blockchain Technology Application Analysis
The next bull market requires two conditions: the emergence of a killer application in the non-compliant zone + a macroeconomic environment shifting toward support.
Author: Ryan Yoon
Translated by TechFlow
TechFlow Intro: The market has entered a downturn, and skepticism toward the crypto market is growing. Tiger Research argues this cycle differs from prior ones: past winters were triggered by internal failures (Mt. Gox hack, ICO scams, FTX collapse), whereas this cycle’s rallies and corrections are driven entirely by external factors (ETF approval fueling the bull run; tariffs and interest-rate policy triggering the decline).
Post-regulation, the market has fractured into three layers: the compliant layer, the non-compliant layer, and…
