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Andrew Moss, Senior Vice President and Head of Digital Asset Research at Jefferies, assessed the recent decline in cryptocurrency markets. Moss argued that the current situation is not a “crypto winter,” but rather the market is undergoing a “correction” phase.
Moss described the current market situation as a technical correction, but stated that he remains optimistic about the long-term future of the sector.
Moss describes the crypto winter not just as a period of price drops, but also as a time when development processes stall, institutional interest wanes, and the sector’s viability is questioned.
According to this definition, the last true crypto winter occurred in 2014, Moss stated, summarizing the current situation as follows:
“Bitcoin has fallen 45% from its peak, and Ethereum has fallen 55%. But this isn’t a winter, it’s a correction. Cryptocurrencies aren’t like digital gold; they’re acting more as ‘risk assets’ correlated with technology stocks and the Nasdaq.”
Approaching the question of whether the market has reached its bottom cautiously, Moss noted that blockchain data is giving mixed signals. The analyst stated that retail investors (those holding less than 1 BTC) started buying last week, but large investors, known as “whales,” and institutional ETFs are still net sellers.
According to Moss, it’s too early to talk about a real uptrend before big players start buying.
Andrew Moss argues that long-term value in the sector will be shaped by infrastructure maturity and regulations. He specifically highlights the importance of the market structure bill awaiting approval in Washington, predicting that a comprehensive legal framework will accelerate institutional adaptation.
The analyst noted that institutional interest is not limited to headlines; BlackRock, Fidelity, and major US banks (BofA, Citi, Goldman Sachs) continue to integrate blockchain technology into financial infrastructure with tokenization and stablecoin projects.
*This is not investment advice.