Crypto downturn not a true 'crypto winter,' says Tiger Research

The crypto industry has not collapsed, and the current downturn was triggered by external factors, making it difficult to call this a true "crypto winter," according to a report from Asian Web3 research and consulting firm Tiger Research. In its report, titled "2026 Is It Crypto Winter Now? Market Changes After Regulation," the firm explained that the past three crypto winters all followed a pattern of a major incident leading to a collapse in trust and a subsequent talent exodus. While similar patterns like the Oct. 10 liquidation event are being observed, the key difference is that the trigger was not internal to the industry. The report added that as regulatory clarity improves, the conditions for the next bull run are becoming clear. These include the emergence of a new killer use case from unregulated sectors and a shift in the macroeconomic environment to favor risk assets. Tiger Research concluded that while a "crypto season" where all assets rise is unlikely to return, the next bull run will come, though it will not benefit everyone.