According to CoinGlass, momentum gauges sit in neutral territory, reinforcing views that neither bulls nor bears dominate yet across majors.
The crypto market has lost about $730 billion in value in the past 100 days, according to data shared by on-chain analyst GugaOnChain on February 20.
The scale and speed of the drawdown point to heavy capital outflows, with smaller altcoins falling faster than large assets and traders watching for signs 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 currently, a decline of 21.62%. The top 20 cryptocurrencies, excluding Bitcoin and stablecoins, also suffered a major blow, dropping 15.17% from $1.07 trillion to $810.65 billion.
Just as vulnerable were mid- and small-cap altcoins, which plunged 20.06% from $390.38 billion to $267.63 billion over their respective 100-day windows.
Meanwhile, the selling pressure shows no sign of abating. Separate figures posted by Arab Chain show whale inflows to Binance reached a 30-day average near $8.3 billion, the highest level since 2024.
Large transfers to exchanges can signal preparation to sell or rebalance holdings, though such flows can also reflect derivatives positioning or liquidity management. The spike followed months of stable activity, which analysts often treat as a sign of changing sentiment among major holders.
Price action seems to be matching that cagey tone. At the time of writing, BTC was trading just below the $68,000 level after falling by more than 24% in the last month and roughly 30% over the past year.
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Market-wide metrics also paint a similar picture, with total crypto capitalization standing near $2.4 trillion, up just 0.5% in 24 hours. According to CoinGlass, the average RSI sits near 45, indicating neutral momentum, and the Altcoin Season Index reads 45, also neutral.
Additionally, Bitcoin dominance holds near 57%, which signals that capital has not rotated aggressively into altcoins.
On-Chain Activity Slows
Recent data from market intelligence provider Santiment shows that network activity has also collapsed alongside prices. According to the firm, Bitcoin’s active supply stopped growing, with fewer coins moving across the network.
Per the data, there are 42% fewer unique Bitcoin addresses making transactions compared to 2021 levels, and 47% fewer new addresses are being created. Analysts describe this phenomenon as “social demotivation,” which is emotional fatigue and reduced engagement that often precedes narrative shifts.
Elsewhere, Glassnode reported that Bitcoin has broken below the “True Market Mean” and slipped into a defensive range toward the realized price of approximately $54,900. Historically, deeper bear market phases have tended to find their lower structural boundary around this level, which represents the average acquisition cost of all circulating coins.
Furthermore, the Accumulation Trend Score sits near 0.43, well short of the 1.0 level that would signal serious large-entity buying. At the same time, Spot Cumulative Volume Delta has turned negative across major exchanges, meaning sellers are still in control.
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