Bear Market Is Here, But Not a Catastrophe
According to Wintermute's latest assessment, the crypto market has clearly entered a bear phase — and has been for some time. However, this downturn differs from previous ones, as it's not triggered by collapses like FTX, Luna, or 3AC, but instead by macroeconomic shifts and natural market dynamics.
Deleveraging Is Smoother This Time
The current correction is mainly driven by portfolio adjustments and evolving investor sentiment, not systemic failure. As a result, the ecosystem remains intact without widespread liquidations or loss of trust. Infrastructure continues to strengthen, and stablecoin adoption is still on the rise.
Institutional Interest Lingers
While market sentiment remains cautious, institutional players haven't disappeared — they're just waiting for the right moment. A shift in macro conditions could quickly draw capital and attention back into the space.
Recovery May Come Sooner Than Expected
Given the organic nature of this cycle and the resilience of market structures, a rebound could arrive faster than in past bear markets. Wintermute forecasts the second half of 2026 as a likely turning point.