Author: Stream Capital

Preface

In the first quarter of 2026, global financial markets entered their most severe risk repricing cycle since 2022. The continued escalation of geopolitical conflicts, the full-blown return of trade protectionism, and the fluctuating monetary policies of major economies collectively created a highly uncertain macroeconomic environment characterized by low liquidity. The crypto market suffered a systemic sell-off during this quarter, with Bitcoin plummeting from approximately $93,000 at the beginning of the year to the $63,000 range, a maximum drawdown of over 38%. The altcoin market was even more devastated, with many tokens falling 60%–80% from their cycle highs.

The deterioration of the market…