Crypto Long & Short: Six signs a crypto winter is ending

1) Cycle length: Spring has historically begun 17 months before the supply halving or 12 to 14 months from the prior peak. September is 17 months before the next halving and 11 months from the prior peak.

2) Exchange and institutional stress: Major exchanges have failed or closed just before crypto spring begins. BitMEX announced in July that it would close in September.

3) Drawdowns of 77% to 84% below prior peaks: Bitcoin’s drawdown of 53% (Bloomberg price data from October 6, 2025, to June 30, 2026) may be sufficient to count as a sign, but remains shallower than those of previous crypto winters.

4) Bitcoin difficulty: An indicator of how hard it is to mine a bitcoin, difficulty typically declines at the end of a crypto winter and then increases to mark crypto spring. While difficulty has declined, it has not yet rebounded.