Bitcoin ($BTC) and altcoins have experienced sharp declines since October. While these declines were initially seen as a bull market correction, data indicates the start of a bear market.
Bitcoin experienced a nearly 50% drop, with altcoins seeing similar declines. This resulted in the cryptocurrency market losing approximately $730 billion in value over a period of three months. This decline was interpreted as a sign that investor flight was accelerating.
Gugaonchain, a CryptoQuant analyst, stated that the crypto market lost over $730 billion in value in just 100 days. The analyst noted that this wasn’t simply a correction, but rather an example of investor outflows typically seen during a risk-aversion phase.
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