Original Title: The Depths of Crypto Winter

Author: Matt Hougan, Chief Investment Officer of Bitwise

Translated by: Chopper, Foresight News

The bad news is: we have been in a crypto winter since January 2025. The good news is: we are likely closer to the end of the winter than to its beginning.

I want to state something that may seem obvious, as I believe it will help you make advantageous decisions in the coming months: we are in the midst of a full-blown crypto winter.

I’ve noticed that few people online or in mainstream media are talking about this, but it is an undeniable fact. Bitcoin has fallen 39% from its all-time high in October 2025, Ethereum has dropped by 53%, and many other crypto assets have experienced even steeper declines.