Based on CoinGlass, momentum gauges sit in impartial territory, reinforcing views that neither bulls nor bears dominate but throughout majors.
The crypto market has misplaced about $730 billion in worth prior to now 100 days, in keeping with information shared by on-chain analyst GugaOnChain on February 20.
The size and pace of the drawdown level to heavy capital outflows, with smaller altcoins falling quicker than giant belongings and merchants anticipating indicators of stabilization.
Deepening Bearish Sentiment
Based on GugaOnChain, Bitcoin’s market cap fell from $1.69 trillion on November 22, 2025, to $1.34 trillion at the moment, a decline of 21.62%. The highest 20 cryptocurrencies, excluding Bitcoin and stablecoins, additionally suffered a serious blow, dropping 15.17% from $1.07 trillion to $810.65 billion.
Simply as susceptible have been mid- and small-cap altcoins, which plunged 20.06% from $390.38 billion to $267.63 billion over their respective 100-day home windows.
In the meantime, the promoting strain reveals no signal of abating. Separate figures posted by Arab Chain show whale inflows to Binance reached a 30-day common close to $8.3 billion, the very best degree since 2024.
Giant transfers to exchanges can sign preparation to promote or rebalance holdings, although such flows can even replicate derivatives positioning or liquidity administration. The spike adopted months of secure exercise, which analysts typically deal with as an indication of fixing sentiment amongst main holders.
Value motion appears to be matching that cagey tone. On the time of writing, BTC was buying and selling just under the $68,000 degree after falling by greater than 24% within the final month and roughly 30% over the previous 12 months.
You may additionally like:
Market-wide metrics additionally paint the same image, with complete crypto capitalization standing close to $2.4 trillion, up simply 0.5% in 24 hours. Based on CoinGlass, the typical RSI sits close to 45, indicating impartial momentum, and the Altcoin Season Index reads 45, additionally impartial.
Moreover, Bitcoin dominance holds close to 57%, which indicators that capital has not rotated aggressively into altcoins.
On-Chain Exercise Slows
Current information from market intelligence supplier Santiment reveals that community exercise has additionally collapsed alongside costs. Based on the agency, Bitcoin’s lively provide stopped rising, with fewer cash shifting throughout the community.
Per the info, there are 42% fewer distinctive Bitcoin addresses making transactions in comparison with 2021 ranges, and 47% fewer new addresses are being created. Analysts describe this phenomenon as “social demotivation,” which is emotional fatigue and decreased engagement that always precedes narrative shifts.
Elsewhere, Glassnode reported that Bitcoin has damaged under the “True Market Imply” and slipped right into a defensive vary towards the realized worth of roughly $54,900. Traditionally, deeper bear market phases have tended to seek out their decrease structural boundary round this degree, which represents the typical acquisition value of all circulating cash.
Moreover, the Accumulation Pattern Rating sits close to 0.43, properly in need of the 1.0 degree that will sign severe large-entity shopping for. On the similar time, Spot Cumulative Quantity Delta has turned detrimental throughout main exchanges, that means sellers are nonetheless in management.
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in unique BingX Trade rewards (restricted time provide).
