#加密市场回调 The current market is less about falling and more about falling into "dead silence"—which is more frightening than a simple decline. In the past, it was common for Bitcoin to fluctuate 10%-20% in a single day. Although risky, there were opportunities to make money; but now, Bitcoin's daily volatility is rarely over 3%, and Ethereum's even fails to reach 2%, with almost no fluctuations. The underlying problem is simple: no one is playing anymore, and money is flowing out of the market.

In just one week, Bitcoin-related funds have been redeemed for $1.3 billion, even those planning to hold long-term are retreating. Confidence in the crypto market is gradually disappearing.

Internal Dilemma: No "Stories" to Tell

The poor market performance is just surface level; the real issue lies inside the crypto community—there are no "stories" to tell, and confidence is gone. Every crypto bull market has been driven by a hot concept, such as DeFi, NFTs, the Metaverse, and later AI + Web3. These concepts attracted new money. But by 2026, old concepts are exhausted, no one is interested anymore, and new hot concepts have yet to emerge. Without new stories, there’s no new capital entering, and the market naturally loses vitality. Sentiment and project difficulties have even affected meme coins (commonly called "dog coins" or "土狗币"), which used to be driven by hype. Now, they can’t even be pumped anymore. Newly launched meme coins typically "rise to the top immediately after launch and then drop back to zero," and the last bit of speculative enthusiasm for quick profits has been exhausted.
Worse still, just at the start of 2026, over 100 crypto projects have shut down or been delisted. Developers in crypto are in a particularly tough situation. Listing on exchanges costs a lot of money, and ongoing maintenance continues to burn cash. With the market not making money, these small projects can’t sustain themselves. The innovative vitality of the crypto industry is slowly being crushed.

External Pressure: Surrounded on All Sides

Internal troubles are not yet resolved, and external pressures are mounting one after another—today’s crypto market can be described as "surrounded on all sides." You may have heard of Cathie Wood, known as "Woodie," a steadfast supporter of the crypto market. But even she recently publicly stated that regulatory pressure will severely impact the industry and warned investors to prepare for long-term losses. Even the most optimistic are starting to become pessimistic, showing how serious the situation is. The flow of money best illustrates the problem. Recently, traditional safe-haven assets like gold and silver have seen rising returns, while cryptocurrencies continue to decline. Large amounts of capital are leaving the crypto market and moving to safer places.
In addition, U.S. stocks can now be traded on-chain, which has diverted some funds from the crypto market; major exchanges are fiercely competing for remaining users; and the "lifespan" of crypto projects is getting shorter—what used to last a year or more now collapses in less than three months. Confidence is repeatedly shattered, and fewer people dare to enter the market.

Compared to the 2022 bear market: More Difficult

Comparing now to the 2022 bear market, it’s clear that it’s even harder now. Both involve continuous declines and massive capital outflows, but the speed of capital leaving in 2026 is faster. In 2022, it was just a cooling of popular concepts; in 2026, there are no new concepts at all. In 2022, regulatory pressure was only increasing; in 2026, it’s comprehensive control. All signs indicate that the crypto winter of 2026 could be longer and more brutal than the last.

Four Winter Tips for Investors
1. Stop dreaming of getting rich overnight. Accept that we are in a bear market and avoid blindly bottom-fishing or chasing unknown coins.
2. If you hold quality assets like Bitcoin or Ethereum, don’t sell them easily to cut losses—hold long-term and wait for a turnaround.
3. Don’t invest all your money in crypto; diversify your assets to spread risk.
4. Be patient. The bear market is a process of淘汰 poor projects and supporting good ones. Wait patiently for new hot concepts to emerge and for the market to warm up.