$730 Billion Gone: The 100-Day Crypto Bloodbath That’s Crushing Altcoins
The crypto market has misplaced about $730 billion in worth prior to now 100 days, in accordance with knowledge shared by on-chain analyst GugaOnChain on February 20.
The scale and pace of the drawdown level to heavy capital outflows, with smaller altcoins falling sooner than massive belongings and merchants waiting for indicators of stabilization.
Deepening Bearish Sentiment
According to GugaOnChain, Bitcoin’s market cap fell from $1.69 trillion on November 22, 2025, to $1.34 trillion at present, a decline of 21.62%. The high 20 cryptocurrencies, excluding Bitcoin and stablecoins, additionally suffered a significant blow, dropping 15.17% from $1.07 trillion to $810.65 billion.
Just 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.
Meanwhile, the promoting strain exhibits 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 best degree since 2024.
Large transfers to exchanges can sign preparation to promote or rebalance holdings, although such flows may replicate derivatives positioning or liquidity administration. The spike adopted months of secure exercise, which analysts typically deal with as an indication of adjusting sentiment amongst main holders.
Price motion appears to be matching that cagey tone. At the time of writing, BTC was buying and selling slightly below the $68,000 degree after falling by greater than 24% within the final month and roughly 30% over the previous yr.
Market-wide metrics additionally paint an analogous image, with whole crypto capitalization standing close to $2.4 trillion, up simply 0.5% in 24 hours. According to CoinGlass, the common RSI sits close to 45, indicating impartial momentum, and the Altcoin Season Index reads 45, additionally impartial.
Additionally, Bitcoin dominance holds close to 57%, which indicators that capital has not rotated aggressively into altcoins.
On-Chain Activity Slows
Recent knowledge from market intelligence supplier Santiment exhibits that community exercise has additionally collapsed alongside costs. According to the agency, Bitcoin’s energetic provide stopped rising, with fewer cash shifting throughout the community.
Per the information, 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 diminished engagement that usually precedes narrative shifts.
Elsewhere, Glassnode reported that Bitcoin has damaged under the “True Market Mean” and slipped right into a defensive vary towards the realized worth of roughly $54,900. Historically, deeper bear market phases have tended to seek out their decrease structural boundary round this degree, which represents the common acquisition price of all circulating cash.
Furthermore, the Accumulation Trend Score sits close to 0.43, effectively in need of the 1.0 degree that might sign severe large-entity shopping for. At the identical time, Spot Cumulative Volume Delta has turned adverse throughout main exchanges, which means sellers are nonetheless in management.
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