The cryptocurrency market has reportedly lost around $730 billion in market value over the last 100 days, according to data from on-chain analyst GugaOnChain.

This downturn highlights a significant exodus of capital, particularly with smaller altcoins experiencing steeper declines than larger assets. Traders are currently on the lookout for signals of stabilization.

Intensified Bearish Sentiment

GugaOnChain reports that Bitcoin’s market capitalization dropped from $1.69 trillion on November 22, 2025, to $1.34 trillion today, marking a 21.62% decrease. The top 20 cryptocurrencies—excluding Bitcoin and stablecoins—also faced notable losses, falling 15.17% from $1.07 trillion to $810.65 billion.

Mid- and small-cap altcoins have not fared well either, tumbling 20.06% from $390.38 billion to $267.63 billion during the same period.

Moreover, selling pressure remains high, with new figures from Arab Chain showing that whale inflows to Binance averaged around $8.3 billion over the past 30 days, reflecting the highest activity since 2024.

Large transfers to exchanges could indicate preparations to sell or rebalance holdings. However, these flows might also signify derivative positioning or liquidity management. This surge follows months of stable activity, which many analysts interpret as a shift in sentiment among major stakeholders.

Price movements appear to correlate with this cautious tone. Currently, Bitcoin trades just below $68,000, having dropped more than 24% over the last month and approximately 30% in the past year.

You may also like:

• SEC Chair Paul Atkins Says Regulators Should Not Panic Over Falling Crypto Prices
• Bitcoin Entering Phase 2 Bear Market, Analyst Warns
• Analyst Warns of Multi-Year Reset as Bitcoin Liveliness Falls

Overall market metrics depict a similar narrative, with total crypto capitalization hovering around $2.4 trillion, showing only a 0.5% increase in the last 24 hours. Metrics from CoinGlass indicate that the average RSI is near 45, suggesting neutral momentum, while the Altcoin Season Index also reflects a level of 45.

Additionally, Bitcoin’s market dominance is around 57%, indicating that capital has not shifted aggressively into altcoins.

Decrease in On-Chain Activity

Recent insights from market intelligence firm Santiment reveal that network activity has declined alongside prices. As per their data, Bitcoin’s active supply has plateaued, with fewer transactions occurring on the network.

The analysis shows that there are 42% fewer unique Bitcoin addresses transacting compared to levels seen in 2021, and the creation of new addresses has decreased by 47%. Analysts describe this phenomenon as “social demotivation,” which indicates emotional fatigue and diminished engagement—a precursor to narrative transitions.

Furthermore, Glassnode highlighted that Bitcoin has fallen below the “True Market Mean,” entering a defensive range around the realized price of approximately $54,900. Typically, deeper phases of bear markets find their lower boundary near this price, reflecting the average acquisition cost of all circulating coins.

The Accumulation Trend Score is currently at 0.43, far from the 1.0 mark that would indicate significant buying from large entities. Concurrently, the Spot Cumulative Volume Delta has turned negative across major exchanges, suggesting that sellers maintain control.