The global cryptocurrency market has lost about $720 billion in value since the start of the year, with total market capitalization falling from $2.97 trillion to about $2.25 trillion in just over five weeks.
Blockchain data shows that large Bitcoin holders, often referred to as “whales,” have been reducing their positions during the recent decline. Wallets holding 10 to 10,000 Bitcoin now control about 68.04% of the total supply, a nine-month low, after selling roughly 81,000 BTC over the past eight days.
At the same time, smaller retail investors continue to accumulate. Wallets holding less than 0.01 BTC now account for about 0.249% of supply, the highest level in roughly 20 months, showing continued dip-buying despite falling prices.
In an interview with Coinpedia, Avinash Shekhar, co-founder and CEO of Pi42, said Bitcoin’s drop toward $60,000 marks its weakest stretch since late 2024, with the asset now down nearly 50% from its October 2025 peak.
He said heavy liquidations and continued outflows from exchange-traded funds have intensified the sell-off, while repeated failures to hold above the $70,000–$72,000 range have kept market sentiment defensive.
According to Shekhar, the $58,000–$60,000 region remains an important support band, and stability at those levels could gradually restore confidence and allow for a measured recovery if volatility begins to ease.
Shekhar said the broader downturn has been driven by sharp weakness in Ethereum and XRP, which have both seen steep declines in recent weeks. Ethereum’s fall below $2,000 pushed prices back to levels last seen in 2023, with the asset down roughly 30% over the past week.
XRP has also dropped more than 25% during the same period, accompanied by falling derivatives activity and large liquidations, indicating reduced speculative participation across the market.
Despite the scale of the decline, Shekhar said such sharp market resets often occur before longer consolidation phases that help establish stronger foundations for future recovery.
“While near-term caution remains dominant, such deep corrections often precede consolidation phases that help establish stronger long-term bases for recovery,” he said.
While near-term caution remains dominant due to continued volatility and weak sentiment, he said improving stability near major support levels could eventually pave the way for gradual market normalization in the coming months.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Crypto markets turned lower today as two major macro developments hit simultaneously. The Federal Reserve…
The Clarity Act just received its most important push forward in weeks. Senator Thom Tillis,…
Pi Network had crossed back above a $2 billion market capitalization, according to CoinGecko data,…
April 29, 2026 — Zagreb, Croatia. WHITE TECH, part of the W Group ecosystem and…
As the global digital asset market gradually matures, cloud mining has emerged as one of…
The UNI price is hanging by a thread after getting firmly rejected at the 20-day…
