We’re in the early stages of a crypto winter. Here are the signs
Coinbase has said what everyone’s been scared to admit: the next crypto winter has probably already started, and the signs are everywhere, according to a report released by the company on Tuesday.
The total crypto market cap without Bitcoin has dropped to $950 billion—that’s a nasty 41% drop from its December 2024 high of $1.6 trillion. It’s also 17% lower than where things stood a year ago. To be clear, this is below nearly the entire range of prices seen between August 2021 and April 2022.
At the same time, there’s been a little uptick in venture capital activity during Q1 2025, but it’s still way down—50% to 60% lower than the insane highs of 2021–2022.
Investors cut exposure as macro pressure builds
Coinbase analysts say…
