As of April 2025, the crypto market shows significant differentiation: Bitcoin's decline is relatively limited (less than 20%) due to institutional accumulation and its 'digital gold' properties, while the total market capitalization of altcoins has plummeted by 41% from the peak in December 2024. Venture capital scales have shrunk by 50%-60%, market sentiment is cooling, entering the early stage of a 'crypto winter.' On a macro level, expectations for Federal Reserve interest rate cuts are intertwined with geopolitical policy games. The crypto reserve policy promoted by Trump after the U.S. elections has temporarily boosted some tokens, but global tariff escalations and liquidity tightening continue to suppress risk appetite. From a technical perspective, both Bitcoin and the COIN50 index have fallen below the 200-day moving average, confirming bear market signals. However, public chains like Solana continue to attract ecological development through performance upgrades (such as the Firedancer testnet TPS exceeding 100,000), injecting resilience into the market. Institutions predict that the market may stabilize by the end of Q2 2025, with a potential rebound in Q3, but caution is needed regarding large-scale token unlocks and the short-term selling pressure brought about by regulatory uncertainties.