On February 22, data showed that the crypto market has essentially retraced the gains made after the 2024 U.S. presidential election rally. Total3 (a metric of the total crypto market capitalization excluding Bitcoin and Ethereum) surged over 91% following the election results announced on November 5, 2024, rising from approximately $600 billion to $1.16 trillion in December 2024.

Subsequently, the market retreated to around $900 billion and fluctuated, with a brief rebound to $1.13 trillion on January 18, 2025 (two days before the U.S. presidential inauguration). In October 2025, Total3 reached a new high of approximately $1.19 trillion but then experienced a sharp decline, breaking the structural upward trend.

Currently, Total3 is about $713 billion, down roughly 40% from the October 2025 peak, approaching mid-November 2024 levels, with no clear signs of sustained recovery in the market.

In mainstream assets, Bitcoin's largest decline from peak to trough exceeded 50%, dropping to around $60,000 at one point, and rebounding to about $68,000; Ethereum fell approximately 60% from its near $5,000 all-time high in August 2025.

Sentiment indicators are also at low levels. The Fear & Greed Index from CMC stands at 14, in the "Extreme Fear" zone, and on February 5, it briefly dropped to 5, one of the lowest levels recorded.