The global crypto market appears to be in the grip of a new “crypto winter”, according to a fresh report from US-based crypto exchange Coinbase. However, the report suggests a potential recovery could begin later in 2025. Meanwhile, asset management firm Strive is encouraging major companies to adopt Bitcoin, and Ethena Labs has announced its exit from the German market following regulatory pressure.
Coinbase Sees Crypto Winter, Eyes Q3 Rebound
n its monthly institutional investor outlook released on 15 April, Coinbase reported that the altcoin market cap has shrunk by 41% since its December 2024 peak of $1.6 trillion, falling to $950 billion by mid-April. On 9 April, this figure dipped as low as $906.9 billion before recovering slightly to $976.9 billion.
Source: Ethena Labs
Venture capital funding for crypto projects has also taken a hit, down by 50–60% compared to 2021–22 levels. David Duong, Coinbase’s global head of research, noted that multiple indicators point toward the onset of a new bear market, triggered in part by global tariffs and economic uncertainty.
Duong highlighted key metrics such as the 200-day moving average and the Bitcoin Z-score—a measure comparing market and realised value—as tools for assessing market trends. While the Z-score adjusts for crypto’s volatility, it reacts slowly in stable conditions. Coinbase believes the bull run concluded in February 2025 and that the market has since entered a neutral phase.
Strive Pushes Intuit to Adopt Bitcoin
Strive Asset Management is urging financial software company Intuit to add Bitcoin to its balance sheet. In an open letter dated 14 April, Strive CEO Matt Cole suggested that Bitcoin could provide a strategic hedge against risks posed by rapid advances in artificial intelligence.
Cole argued that Intuit’s flagship products, such as TurboTax and QuickBooks, could face significant disruption due to AI automation. He proposed Bitcoin as a “war chest” to ensure long-term resilience, claiming it would allow the company to operate from a “position of strength” during future technological upheavals.
Strive previously issued a similar letter to GameStop, which has since confirmed a $1.5 billion fundraising round, with some of the funds reportedly earmarked for Bitcoin investment.
Ethena Labs Exits Germany After Regulatory Clampdown
Stablecoin developer Ethena Labs has ceased operations in Germany after reaching an agreement with the country’s financial regulator, BaFin. The decision comes less than a month after BaFin flagged several compliance and securities law issues related to Ethena’s synthetic stablecoin, USDe (USDE).
An excerpt from Matt Cole’s letter urging Intuit to consider adding Bitcoin to its balance sheet, among other suggestions. Source: Strive Asset Management
In a statement released on 15 April, Ethena Labs confirmed it would shut down its German subsidiary, Ethena GmbH, and would no longer seek Markets in Crypto-Assets Regulation (MiCAR) approval in the country. The company emphasised that no minting or redemption of USDe had taken place since BaFin ordered a halt on 21 March.
This move underscores increasing regulatory scrutiny of digital assets across Europe, particularly in key markets such as Germany.
Conclusion
As crypto markets navigate a period of downturn, leading industry players like Coinbase remain cautiously optimistic about future recovery. Meanwhile, Bitcoin continues to gain attention from corporate advocates like Strive, even as regulatory hurdles in markets like Germany challenge the ambitions of firms like Ethena Labs.
