The numbers tell a story that crypto maximalists really don’t want to hear. Since the October 2025 market crash, the S&P 500 has climbed 17%, while the broader crypto market has cratered 47.5%.
Coinbase, the largest US-based crypto exchange, is feeling the pain directly. The company posted Q4 2025 revenue of $1.78 billion, a 22% decline year-over-year, as trading volumes dried up alongside the broader crypto downturn.
The great migration of capital
Roughly $2.03 trillion in outflows have drained from the crypto market since October 2025. The total crypto market capitalization now sits at approximately $2.24 trillion as of February 2026, meaning the market has nearly been cut in half.
