The crypto market has erased more than half of its value since reaching an all-time high in late 2025. The decline underscores the severity of the recent bear market and lack of a fresh catalyst to revive investor interest, according to a Wednesday X post by The Kobeissi Letter.

The total crypto market cap peaked at a record $4.3 trillion on October 6, 2025. Since then, the sector has experienced a prolonged decline, with its total value falling to approximately $2.1 trillion. The decline represents a loss of roughly $2.2 trillion in market value over 261 days, equivalent to a 54% drawdown from the cycle peak.

Analysts at the Kobeissi Letter noted that digital assets have collectively…