Key Takeaways
- With yesterday’s decline, the crypto market has now erased more than $1.1 trillion in market capitalization over the last 41 days.
- Bitcoin (BTC) has dropped more than 25%, even after U.S. President Donald Trump stated that making America “number one in crypto” is one of his top priorities.
- Bitcoin Spot ETFs and Ethereum Spot ETFs have recorded significant outflows of $2.33 billion and $1.236 billion, respectively, over the past two weeks, indicating large-scale capital withdrawals from these funds.
The cryptocurrency market has been in continuous decline for more than 41 days, erasing over $1.1 trillion in market capitalization and raising serious doubts about whether the bull run is coming to an end. The downturn began on October 10, 2025, when the market suffered a record $19.20 billion liquidation in a single day.
Since then, whales, institutions, and retail traders have largely stepped back, signaling a sharp drop in market confidence and fueling the relentless slide in total crypto valuations.
Is Crypto Bull Run Over?
This ongoing struggle has pushed the bull run to the edge, as the market has now officially entered extreme fear with the Fear and Greed Index dropping to 10.
Today, a crypto market specialist shared a post on X, highlighting key events — including U.S. President Donald Trump’s 100% tariff announcement on China, which triggered the largest crypto liquidation. Later, Trump stated that America will be number one in crypto. Meanwhile, yesterday’s market decline has erased over $1.1 trillion from the crypto market cap in the past 41 days.
The expert further noted that this continuous market decline appears unusual, as there haven’t been any major bearish developments on the fundamental side. Just a few days ago, Trump said that making America “number one in crypto” is one of his top priorities, yet Bitcoin is still down 25% in the past month.
Also Read: Bitcoin Dips to $93K as Fed Cut Doubts and Oil Shock Rattle Risk Appetite
Bitcoin Price and Expert’s Bold Claim
Following yesterday’s 1.72% price dip that pushed BTC to a low of $93,000, the price has started to reverse today. Bitcoin is currently trading at $95,700, recording a 1.55% intraday gain. Meanwhile, market participation has strengthened, with trading volume surging 57% to $75.66 billion.
Experts are calling the current situation a structural and mechanical downturn. In a recent post on X, one expert noted that the present crypto market structure clearly reflects a bearish phase.
Even though the fundamental value of crypto has improved, overall market dynamics are shifting.
Institutions and Whales Fading Interest
Amid this uncertainty, institutional interest in both BTC and ETH is fading as Spot ETFs continue to register significant outflows, indicating that American investors are withdrawing their capital from these funds.
Data from on-chain analytics platform SoSoValue reveals that, over the past two weeks, Bitcoin Spot ETFs have seen outflows of more than $2.33 billion, while Ethereum Spot ETFs have recorded outflows totaling $1.236 billion.
Besides this, whales have been found depositing their holdings to exchanges, signaling ongoing dumping and further strengthening the bearish market outlook.
According to a recent post shared by on-chain analytics firm Onchain Lens, a crypto whale wallet address “0xD81” dumped 6,000 ETH worth over $19 million to Binance. Additionally, an unknown whale labeled “BlackRock” transferred 54,730 ETH worth $175.93 million to Coinbase.
And these are not the only ones, several others, including Arthur Hayes and a 66,000-ETH whale, also appear to be offloading their ETH holdings.
These activities by whales and institutions are not only creating selling pressure but also raising questions about whether this is an ideal time to sell holdings or if the asset will eventually bounce back. When combining all this data, it appears that selling pressure in the crypto market has intensified, with the potential to extend the ongoing downtrend in the coming days.
