Things aren’t looking too hot in the crypto world right now, and Coinbase says we might already be in another “crypto winter.”

This is a term the crypto space uses when the crypto market drops for a long time, prices stay low, and there’s not much excitement or trading going on. 

In a report dropped on Tuesday, Coinbase pointed out a bunch of signs showing the market is dropping fast.

The report says the total crypto market cap, excluding Bitcoin, has dropped to $950 billion. That’s a 41% fall from December 2024, when it was around $1.6 trillion. It’s also lower than it was a year ago, and even below the prices we saw back in late 2021 and early 2022, when the market was already shaky.