The global crypto market has seen a steep decline, shedding $659 billion in value since its 2025 peak, according to fresh data from Cryptoquant. The report highlights that the top five cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and XRP—have all been affected, with varying degrees of impact.
Ethereum and Solana were hit hardest, while Bitcoin and BNB showed comparative resilience, signalling a mixed and uncertain investment environment across the crypto landscape.
Ethereum and Solana Post Sharpest Losses
Ethereum’s market cap has fallen 44%, dropping to $240 billion, while Solana recorded a similar 43% decline to $73 billion. These losses represent the sharpest drawdowns among the top five tokens, underscoring heightened volatility for smart contract platforms.
The ETH/BTC ratio has plummeted 72% since September 2022, signalling Ethereum’s weakest valuation against Bitcoin in years. “ETH’s price has entered an extremely undervalued area relative to Bitcoin for the first time since January 2020,” the report notes, reigniting debate about Ethereum’s long-term prospects.
Bitcoin and BNB Show Relative Strength
Bitcoin and Binance Coin (BNB) have weathered the storm better than their peers. BTC’s market cap has dropped 18% to $1.735 trillion, while BNB declined just 15% to $91 billion. According to Cryptoquant, these coins have experienced the smallest drawdowns—approximately 20% from their all-time highs—making them comparatively resilient in the ongoing downturn.
Despite this, Bitcoin’s market sentiment remains weak. Cryptoquant’s Bull Score Index, which gauges investor optimism, is currently at 20—its lowest reading since January 2023. “If the score remains below 40 for a prolonged period, it could indicate continued bearish market conditions,” researchers caution.
XRP’s Post-Election Hype Fades
XRP initially surged following Donald Trump’s 2024 U.S. presidential victory, jumping from a $30 billion to $142 billion market cap by March 2025. However, that momentum has faded. Cryptoquant notes that activity on the XRP Ledger (XRPL) has since cooled, with active addresses dropping to the 20,000–40,000 range.
This stagnation suggests that while political and regulatory optimism gave XRP a temporary boost, sustainable growth may hinge on increased network utility and broader market recovery.
A Divided Crypto Landscape
Cryptoquant’s findings reveal a sharply divided market, with Ethereum and Solana struggling, while Bitcoin and BNB maintain relative strength. The divergence points to broader uncertainty and mixed investor sentiment.
As Ethereum’s value relative to Bitcoin continues to slide, questions are being raised about its competitive position. Meanwhile, assets like BNB and BTC appear to offer safer harbour amid the volatility.
With weak sentiment metrics and undervaluation concerns, the road ahead for crypto remains uncertain. Sustained recovery may require renewed investor confidence, increased on-chain activity, and improved macroeconomic signals.
