Coinbase Warns of Crypto Winter Amid 41% Market Cap Drop, 245% U.S. Tariffs, $42M Bitcoin Loss, $500M Semler Raise

Coinbase Institutional has issued a warning that a 'crypto winter' is approaching, citing converging signs including a 41% decline in the total cryptocurrency market capitalization (excluding Bitcoin) from $1.6 trillion in December 2024 to $950 billion by mid-April 2025. Venture capital funding in the crypto sector has also fallen sharply by 50-60%. This bearish outlook coincides with the U.S. imposing 245% tariffs, although China has expressed openness to negotiate. Despite experiencing an unrealized loss of $42 million on Bitcoin holdings, Semler Scientific is planning to raise approximately $500 million to acquire more Bitcoin. Bitcoin prices have steadied amid these developments, but the overall market sentiment remains cautious.