The 2021–2022 crypto crash is something that still gives investors nightmares.
And one of the few analysts who consistently warned ahead of that collapse was Into The Cryptoverse founder Benjamin Cowen.
In the final months of 2021, as Bitcoin (BTC) traded near its then-record high around $69,000, Cowen flagged mounting risk. Tightening Federal Reserve policy, excessive leverage, and overheated altcoin valuations, he argued, were creating a fragile setup.
What followed was one of crypto’s sharpest drawdowns on record. Bitcoin slid nearly 78% to around $15,000. Ethereum (ETH) fell roughly 80%, while many altcoins lost 90% or more.
Now Cowen is back again with another chilling warning for the days ahead.
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While Cowen acknowledges that altcoins can outperform Bitcoin during specific phases of a cycle, he has consistently cautioned against assuming broad-based “altseasons” are inevitable.
An altcoin, by definition, is any cryptocurrency other than Bitcoin. In Cowen’s framework, most are structurally dependent on speculative liquidity and vulnerable when conditions tighten.
That skepticism resurfaced forcefully on Jan. 26, when Cowen, on X, pushed back against renewed altseason enthusiasm.
His argument? Crypto cycles often cleanse excess, especially during midterm years.
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Recent fund flows reinforce that message. Crypto exchange-traded products saw $1.73 billion in outflows last week, the worst since mid-November 2025, according to CoinShares.
Bitcoin accounted for about $1.09 billion of those outflows, while Ether (ETH) saw roughly $630 million exit funds.
Altcoins were mixed: XRP and Sui posted modest outflows, while Solana (SOL) attracted $17.1 million in inflows.
At press time, Bitcoin was down 1.3% to trade at $87,317.25 while Ether traded near $2,914, XRP around $1.93, and Solana near $124.
Cowen’s caution isn’t limited to altcoins. Recently, while speaking with TheStreet Roundtable host Scott Melker, Cowen said he expects Bitcoin to continue trending lower before its next sustained bullish phase.