Bloomberg’s Joe Weisenthal has revived and expanded his argument that crypto is stuck in what he calls the “coldest crypto winter ever,” pointing to a 12-part case that goes beyond price action and into market psychology, capital rotation, regulation, AI and quantum computing.

Writing in his Odd Lots newsletter and sharing the piece on X, Weisenthal said he had previously laid out 10 reasons in February for why the current downturn felt unusually punishing. “Well everything I cited then still holds,” he wrote, adding that two more factors have since made the backdrop look even worse.

Crypto’s Problem Is No Longer Just Crypto

The core of Weisenthal’s argument is that crypto’s weakness is taking place at a time when other…