Bitcoin treasury companies are struggling significantly as their stock values plummet, with losses ranging from 38% to 94% over the past three months amid a broader downturn in the cryptocurrency market. Executives are actively defending their business models on social media, but investor confidence remains low, raising concerns about the industry's future. The situation echoes past crypto market failures, suggesting that a recovery may require more than just a rising bitcoin price.

Coinbase Institutional indicates that the cryptocurrency market may be entering a new "crypto winter," with market cap declines and venture capital funding dropping significantly. Despite this bearish outlook, there’s potential for prices to stabilize in mid-to-late Q2, possibly setting up for a better Q3.