Coinbase has issued warnings that the cryptocurrency market is entering a 'crypto winter,' with several indicators pointing toward a deepening bear market. According to Coinbase research, Bitcoin has declined about 20% since January 2025, and the broader crypto market has lost nearly 28% of its total value, amounting to a $1 trillion drop. Altcoin market capitalization has fallen by 41%, and venture capital funding is down by roughly 50% compared to the 2021-2022 cycle. The COIN50 index from Coinbase signals further bearish momentum. CoinMarketCap's Q1 2025 report notes a 16.87% drop in global crypto market cap to $2.71 trillion and a 40.65% decline in 24-hour trading volume, with market sentiment remaining in 'fear' or 'extreme fear' territory throughout the quarter. Bitcoin dominance stands at 61%, and the Altcoin Season Index is at 18, indicating a strong market preference for Bitcoin. Centralized exchanges have seen spot trading volumes decrease, with the top 10 CEXs recording $5.4 trillion in Q1 2025, a 16.3% decline. Binance remains the dominant exchange, holding a 40.7% to 43.9% market share, while HTX was the only top 10 exchange to record growth. Upbit experienced the largest decline among major exchanges, down 34%. MEXC achieved the fastest growth in spot market share, increasing from 6.1% to 7.8%. On the decentralized derivatives front, Hyperliquid has captured nearly 70% of the onchain perpetuals market, processing $175 billion in trading volume in March 2025 and $83 billion by mid-April. Despite the overall downturn, the stablecoin market cap increased by 8.6% in Q1 2025, reaching $209.9 billion. Stablecoin transfer volumes now regularly exceed $72 billion daily. Tether remains the largest stablecoin issuer, though its market share has declined as Circle's USDC expands. The DeFi sector's total value locked has dropped by over 20% year-to-date, with lending now the largest sector by TVL. Ethereum recorded a 43.85% loss in Q1 2025, while Bitcoin fell 10.52%. Other notable events include a 93% crash in Mantra and an AWS outage that impacted major platforms. Coinbase cautions traders to adopt a defensive stance in the coming months but notes the possibility of improvement in the third quarter of 2025 if macroeconomic conditions stabilize.