Bitcoin peaked at $126,271 in October 2025. As of early March 2026, it trades near $67,000, a 47% drawdown stretched across five consecutive negative months. Ethereum is down roughly 65% from its cycle high. Solana has fallen from above $200 to $85. The median altcoin is down 79% from peak. The Fear and Greed Index sits at 12, deep in Extreme Fear territory, and has spent 22 consecutive trading days below 25, only the third such streak since its 2018 launch.

Meanwhile, the macro picture is deteriorating fast. The U.S. economy lost 92,000 jobs in February, oil is above $90 on the Iran war, and the Fed can’t cut rates without reigniting inflation. Bitcoin ETFs saw $3.8 billion in net outflows in February alone while gold ETFs absorbed $16…