$730 Billion Gone: The 100-Day Crypto Massacre Crushing Altcoins

According to CoinGlass, the momentum gauges are in neutral territory, reinforcing the view that neither bulls nor bears dominate the majors.

The crypto market has lost approximately $730 billion in value over the past 100 days, according to data shared by on-chain analyst GugaOnChain on February 20.

The size and speed of the pullback points to heavy capital outflows, with smaller altcoins falling faster than major assets and traders watching for signs of stabilization.

Deepening bearish sentiment

According to GugaOnChain, this is Bitcoin’s market cap fell from $1.69 trillion on November 22, 2025 to $1.34 trillion currently, a decrease of 21.62%. The top 20 cryptocurrencies, excluding Bitcoin and stablecoins, also took a heavy hit, falling 15.17% from $1.07 trillion to $810.65 billion.

Just as vulnerable were mid- and small-cap altcoins, which fell 20.06% from $390.38 billion to $267.63 billion during their respective 100-day periods.

Meanwhile, selling pressure shows no signs of abating. Strange figures posted by Arab Chain show Whale inflows to Binance reached a 30-day average of nearly $8.3 billion, the highest level since 2024.

Large transfers to exchanges may indicate preparations to sell or rebalance investments, although such flows may also reflect derivatives positioning or liquidity management. The spike followed months of steady activity, which analysts often view as a sign of changing sentiment among major investors.

Price action seems to match that cautious tone. At the time of writing, BTC was trading just below the $68,000 level, having dropped more than 24% in the past month and around 30% in the past year.

You might also like:

Market-wide statistics also paint a similar picture, with total crypto capitalization nearing $2.4 trillion, up just 0.5% in 24 hours. According to CoinGlass, the average RSI is around 45, indicating neutral momentum, and the Altcoin Season Index indicates 45, also neutral.

Moreover, Bitcoin’s dominance stands at almost 57%, indicating that capital has not been aggressively converted into altcoins.

Activity in the chain slows down

Recent data from market information supplier Santiment shows that in addition to prices, network activity has also collapsed. According to the company, Bitcoin’s active supply has stopped growing, resulting in fewer coins moving across the network.

According to the data, there are 42% fewer unique Bitcoin addresses transacting 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 entered a defensive range towards the realized price of around $54,900. Historically, deeper bear market phases tend to find their lower structural limit around this level, which represents the average acquisition cost of all circulating coins.

Furthermore, the Accumulation Trend Score is near 0.43, well below the 1.0 level that would indicate serious buying by large entities. At the same time, Spot Cumulative Volume Delta has turned negative on the major exchanges, meaning sellers are still in control.