That's roughly 46% below the sector's all-time high near $4.27 trillion, reached in October 2025.
Bitcoin's share of the total market has stayed above 56% through the drawdown.
Fear-and-greed style sentiment gauges have held near extreme-low readings for most of the year despite price stabilizing in a range.
A market down sharply from its highs can still see steady ETF buying — that combination often reflects accumulation rather than a chase for new highs.
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