Coinbase Institutional report suggests signs of weakness in cryptocurrency markets, possibly indicating a 'crypto winter'.
Market capitalization, excluding Bitcoin, has declined by over 41% since December 2024, venture capital investment remains low compared to peak levels.
Risk-adjusted metrics and long-term moving averages show bearish signals, with Bitcoin dropping below its 200-day moving average in March.
Despite ongoing macroeconomic uncertainties, Coinbase Institutional predicts potential stabilization in market sentiment in mid-to-late Q2, followed by a recovery in Q3 2025.