Crypto at a Crossroads: Winter Fatigue Meets the Risk of Lower Lows
Market veterans say crypto is deep in a psychological winter, with stronger fundamentals clashing against the growing risk that prices still need one more washout.
Posted February 3, 2026 at 9:13 am EST.
A growing number of market watchers agree on one point: crypto is deep in a winter. Where views diverge is how close the market is to a durable bottom, and how much more pain may come first.
In a note sent to clients on Monday, Bitwise CIO Matt Hougan argued that the industry has effectively been in a bear market since January 2025, even if ETF flows masked the damage for much of last year. Bitcoin is down roughly…
