Tiger Research has identified external influences as the primary cause of the current cryptocurrency market downturn, differentiating it from past crypto winters. According to NS3.AI, the firm notes that previous declines were often triggered by significant internal incidents that resulted in a loss of trust and talent within the industry. Looking ahead, Tiger Research anticipates a future bull run fueled by regulatory clarity, innovative use cases emerging from unregulated sectors, and a broader macroeconomic shift towards increased risk appetite. However, they caution that not all market participants will benefit equally from these gains.