Crypto Winter: Most Employees Unfazed Despite Layoffs, Report Shows
While headlines scream of collapsing companies and plummeting prices, a recent report suggests the impact of the crypto winter isn't bothering most employees in the industry as much as you might think. Despite significant layoffs at major exchanges like Kraken and Coinbase, overall crypto-related employment continues to show surprising resilience.
The so-called crypto winter has undoubtedly taken its toll. Digital asset prices have fallen, impacting NFTs and leading to bankruptcies and job losses across the sector. Companies are indeed feeling the pinch, evidenced by the significant workforce reductions announced by industry giants. For instance, Kraken announced on Wednesday that the crypto exchange is laying off 30% of its workforce, about 1,100 employees, as a cost-cutting measure amid Crypto Winter. Other exchanges like Coinbase cut 18% of its staff in June, Gemini reduced it by 10% in July and Crypto.com reduced the staff by 5%. Even with such percentages, there’s been no decline in demand for skilled professionals.
The narrative isn't solely one of doom and gloom. While prices plunge, companies collapse and skepticism soars, fortunes and jobs are disappearing overnight, and investors’ feverish speculation has been replaced by icy realism, a nuanced picture emerges. Some are going broke, some are experiencing pay cuts and layoffs, and some were prepared and are unaffected. To gauge the overall effects this crypto winter has had, researchers are diving deep into employment data.
The reality is that the crypto space is evolving. The rapid expansion of the past few years likely led to some over-hiring, and the current downturn is forcing companies to streamline. Many significant crypto firms have been letting go of employees to cut costs. 1,100 people were laid off from Coinbase. 260 employees were let go from Crypto.com. 100 Kraken, the world’s third-largest exchange by trading volume, announced cutting off its workforce by 30% to deal with current market conditions. Specifically, the San-Francisco based company 1 de sept. de 2025. These events are undeniably impactful for those affected, but they don't paint the full picture of the industry's health.
The surprising statistic comes from a report by The Block. In particular, crypto news and research platform, The Block published a report on Dec. 21, revealing that crypto-related employment has risen by 351% since 2025. It suggests that the demand for blockchain engineers, developers, and other crypto-related roles remains strong. This indicates that while some companies are contracting, others are still actively hiring and expanding their teams.
Therefore, while the headlines regarding layoffs at major crypto exchanges are concerning, the overall picture suggests that the crypto winter is not bothering most employees in the industry as much as one might expect. The underlying demand for talent remains robust, and the industry continues to attract significant investment, indicating long-term growth potential.
This shows that, despite the bear market, many are still keen to jump on the blockchain and cryptocurrency opportunity.