This refers to a period in the cryptocurrency markets were performance is very poor. It is a prolonged down time during a bear cycle. Investors and traders refer to it as "Winter" since it can be painful as well as dreary.
Since cryptocurrency is known for its volatility, pullbacks can be severe. It is not uncommon for Bitcoin to see a price drop of 60% or more. When this happens, many altcoins fare much worse.
Bear markets can feel like they will never end. It is an extended period of suffering for those who are seeing gains through speculation.
During Crypto-Winters FUD is usually fierce. Sellers tend to dominate the markets, with only dead cat bounces happening along the way.
The mood is overwhelmingly pessimisstic.
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