Multiple factors are accumulating, which may indicate the arrival of a new round of 'crypto winter.' As global tariff policies are gradually introduced and may further escalate, market sentiment has clearly worsened. As of mid-April, the total market capitalization of cryptocurrencies, excluding Bitcoin, has dropped to $950 billion, down 41% from the high of $1.6 trillion in December 2024, and down 17% year-on-year. It is worth noting that this level is even lower than the market capitalization performance during almost the entire period from August 2021 to April 2022. What investors fear is not the certainty of negative news, but the uncertainty that seems never-ending. In the first quarter of 2025, venture capital in the crypto industry has rebounded compared to the previous quarter, but it is still 50% to 60% lower than the peak period of 2021 to 2022. This significantly restricts new capital from entering the ecosystem, especially impacting the altcoin sector more prominently. The aforementioned structural pressures mainly stem from the current macroeconomic uncertainties. Fiscal tightening and tariff policies continue to put pressure on traditional risk assets, leading to a stagnation in investment decisions. Although the regulatory environment provides some support, the recovery path for the crypto market remains fraught with challenges against the backdrop of an overall weak stock market. Multiple factors interweaving have made the digital asset market face severe cyclical prospects, and caution is still required in the short term (expected over the next 4 to 6 weeks). However, we believe that investors should adopt flexible tactics to respond to market fluctuations. Once market sentiment is repaired, a rebound may start rapidly. We remain optimistic about market performance in the second half of 2025.