❄️ 365-Day Analysis
When the market punishes infrastructure — without destroying it
Looking at a full year of market data is never comfortable.
Over 365 days, the numbers flatter no one. They tell no success story, no spectacular turnaround, no easy narrative to sell.
At Snow-Fall, that is precisely why we look at them.
Our role is not to manufacture artificial enthusiasm, but to read the terrain as it truly is. And today, the terrain remains cold, hard, sometimes hostile. A prolonged winter for crypto infrastructure.
Across all the projects analyzed, the conclusion is straightforward: none are positive over one year.
Even the foundations of the market are no exception. Bitcoin remains the most resilient, yet it still ends the period in negative territory. Ethereum follows the same path.
As we move down the stack — toward mid-tier infrastructure, specialized networks, data and connectivity protocols — the correction becomes harsher. The figures are severe: –60%, –80%, sometimes more.
This is neither an anomaly nor an accident.
It is a cycle.
One clarification is necessary.
Some will point out that the market experienced strong peaks, sometimes spectacular. Highs were reached, records announced, charts celebrated.
But this analysis does not measure the emotion of a moment. It measures a full cycle.
Over 365 days, what matters is not the highest point reached, but the final point. It is this net result that shows whether an asset truly crossed the year creating value — or losing it.
Bitcoin experienced periods of strength. That is undeniable.
Yet over the full period observed, its final score remains negative.
This is not a judgment.
It is a snapshot.
What the market rejected this year is revealing.
This was not a technical selection, but a narrative one.
Everything that did not promise immediate returns was set aside:
validators,
quiet networks,
sovereignty layers,
infrastructure that works without aggressive storytelling.
While attention shifted elsewhere, these networks continued to do exactly what they were built for: run. Blocks were produced. Data was relayed. Nodes were maintained. The invisible work never stopped.
On shorter timeframes, some movements are emerging.
Over 30 or 90 days, a few projects show signs of awakening — sometimes sharp, sometimes gradual.
Let us be clear:
this is not a bull market.
this is not a confirmed reversal.
and certainly not a promise.
In infrastructure markets, cycles never begin with fireworks. They begin with quiet adjustments, when the market slowly starts paying attention to what actually works.
A common confusion persists in crypto: equating a low price with a dead project.
An infrastructure project does not die when its token drops.
It dies when its nodes shut down, when validators leave, when real usage disappears.
That is not what we are seeing today.
At Snow-Fall, we continue to operate these networks. We monitor them, maintain them, and use them. Prices have fallen — sometimes violently. The infrastructure itself, however, is still there.
This analysis is not a call to buy.
It is not an attempt to predict the next cycle.
It is a situation report.
It simply states this:
the market has punished infrastructure, but it has not destroyed it.
And history shows that this kind of disconnect never lasts forever.
At Snow-Fall, we do not follow daily weather forecasts.
We observe whether the foundations are holding.
Over 365 days, despite the purge,
they still are.
❄️
