The report notes that both Bitcoin and the COIN50 Index have recently fallen below their 200-day averages, a technical indicator often seen as signaling a long-term trend shift. Meanwhile, the total market capitalization of cryptocurrencies excluding Bitcoin has fallen 41% to $950 billion from a high of $1.6 trillion in December 2024, and venture capital funding is down 50%-60% from its 2021-2022 peak. Together, these data point to the possibility that the market is entering a new round of “cryptocurrency winter”.