CRYPTO WINTER STARTED IN JANUARY 2025

Summary from the TLDR Crypto newsletter

Crypto entered a full winter in January 2025, with BTC down 39% and ETH down 53% from ATH, though institutional flows disguised the severity. ETF and DAT purchases totaling ~$75B propped up BTC/ETH/XRP (down 10-20%), while unsupported assets like ADA, AVAX, SUI, and DOT collapsed 62-75%. Retail crypto has been in a brutal winter that institutional capital merely papered over.