The cryptocurrency market has been facing a massive recession since the beginning of 2025, with some investors calling it the most painful cycle in history.
Some are Disappointed About industry policy changes and Memecoin craze In the United States, others even Speculation About the talent sending the industry to other industries.
But while the current cryptocurrency market may seem grim, the current cycle is far from the cruelest on record, with many community members still bullish.
“For those who have gone through multiple cycles, it’s just part of the process,” Trezor analyst Lucien Bourdon told Cointelegraph.
Trump’s inauguration for sale
The current crypto market decline comes after Bitcoin (BTC) reached a height above $106,000 in December 2024, with most of the spikes large Attributable to optimism Around Donald Trump’s victory in the U.S. presidential election.
Although many are optimistic, some investors, such as Bitmex co-founder Arthur Hayes, are accurate Predicting cryptocurrency sell-offs Trump took office on January 20.
Bitcoin price chart since October 2024. Source: Coingecko
Since then, Bitcoin has fallen by more than 18%, with total crypto market capitalization Erase Almost all the gains from Trump’s election victory fell by 25%.
Investors at Trump’s inauguration sale Unloading approximately US$4.6 billion From March 7 to March 7, crypto exchange-traded products, while the spot market has more outflows, at least $1 billion liquidation On a day on March 3.
What was the cruelest crypto sell-off in history?
But the recent Selling is not the worst record. “If we talk about the worst Bitcoin cycle, 2014-2015 is probably the cruelest.”
Refers to the collapse of Gox Mountain cryptocurrency exchange, Suffered 850,000 BTC losses In a security breach in 2024, the analyst highlighted the incident as the worst Bitcoin sell-off on record.
Bitcoin price chart from July 2013 to July 2016. Source: Coingecko
“The collapse of Gox Hill eliminated 70% of Bitcoin transactions, resulting in no institutional support in the market and much less liquidity,” Burden said.
Not just the price drop
According to Brett Reeves, head of sales at Bitgo Europe, there is “more” in the market at the moment.
In addition to past price declines, Reeves highlighted significant advances in global crypto products and regulations, which suggests that crypto assets are increasingly becoming an integral part of the international financial system. He said:
“While prices may be collapsing at the moment, we have to remember how far we have gone in a short time and how much potential this space will have in the next few years.”
Contrary to crypto skeptics and pessimists, some industry executives even view the current market cycle as a bull market.
Related: EU retaliatory tariff threat Bitcoin corrects to $75K – analysts
“I actually think it’s the best,” Mati Greenspan, founder of quantum economics, told Cointelegraph, adding:
“What makes this bull market different from the previous crypto bull market is that this is the first time we have seen prices rise over time, rather than accompanied by a lot of currency printing. This pullback is a short-term pain that can gain in the long term.”
Terms like “bull market,” “bear market,” “cycle,” or “Altseason” are not even suitable for the current market situation, according to crypto analyst Miles Deutscher.
Source: Mid German
“It’s a different market,” he explain In the X post on March 13.
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