Alarms Ringing, But History Always Repeats
Crypto folks, have you noticed? The recent data from Coinbase, the "crypto barometer", is sending unsettling signals—by mid-April 2025, the total market cap of cryptocurrencies excluding Bitcoin has plummeted 41% from its December 2024 peak of  $1.6trillionto$1.6trillionto950 billion. Declining trading volumes, slowing user growth, and hesitant institutional inflows resemble the early chapters of the 2022 bear market playbook. But don’t panic yet! Looking back, Coinbase CEO Brian Armstrong once predicted that "no bear market lasts longer than 18 months", yet its Q4 2025 revenue surged 130% against the trend. Behind this contradiction, could there be overlooked opportunities? Today, we dissect the "split data" from Coinbase to decode the real game within the bear market fog.

Coinbase is a "star" among cryptocurrency trading platforms. Every move it makes attracts a lot of attention, just like a big star in the entertainment industry. The slightest news can spark a lot of discussions. Recently, there have been some changes in Coinbase's business data and market performance, which have made investors a bit nervous. Looking at the trading data, the trading volume has significantly decreased, and the growth rate of new users has also slowed down. It's like a once-bustling shopping mall suddenly having fewer customers and lower turnover. How can it not be worrying?

So, does this mean that a cryptocurrency bear market is really here? Actually, we can't judge a bear market just based on Coinbase's situation. Although it's very important, the cryptocurrency market is a complex ecosystem affected by many factors. For example, the macroeconomic environment. The global economic uncertainty makes investors more cautious, and they may reduce their investment in high-risk assets like cryptocurrencies. In terms of policies and regulations, different countries' attitudes and regulatory policies towards cryptocurrencies also have a huge impact on the market. If a major country suddenly introduces strict regulatory policies, the market will definitely be hit.

However, we shouldn't be so quick to lose hope. The cryptocurrency market has always been full of uncertainties, and it's normal to have ups and downs. Looking at historical data, a new bull market always follows every bear market. Just like the changing seasons in nature, although winter is cold, spring will always come. Moreover, the underlying technology of cryptocurrencies - blockchain technology - has great potential. It can be applied in many fields such as finance, healthcare, and logistics to improve efficiency and reduce costs. As long as blockchain technology continues to develop and innovate, cryptocurrencies have value in existence and development.

For us investors, it's even more important to stay calm and rational at this time. Don't be influenced by short-term market fluctuations and have your own investment strategies. If you're a long-term investor, you can choose some promising cryptocurrencies and hold them patiently, waiting for the market to recover. If you're a short-term investor, you need to pay more attention to market dynamics and control risks well.

In addition, we should also pay attention to the development of platforms like Coinbase. They are constantly improving and innovating, such as launching new trading products and enhancing security. These efforts help boost market confidence. Moreover, as more and more institutional investors enter the cryptocurrency market, their professionalism and financial strength will also bring new vitality to the market.

In general, although the current situation of Coinbase makes us worried about the cryptocurrency market, it doesn't mean that a bear market is definitely coming, let alone that there is no hope for the market. We should view market changes rationally with an optimistic attitude, seize opportunities, and face future challenges. I believe that in the near future, the cryptocurrency market will shine again.