The crypto market has almost given back the gains from the 2024-2025 U.S. presidential election cycle, with the total market cap down about 40% from its peak.

On February 22, data showed that the crypto market has essentially retraced the gains made after the 2024 U.S. presidential election rally. Total3 (a metric excluding Bitcoin and Ethereum to measure the overall crypto market capitalization) surged over 91% following the election results announced on November 5, 2024, rising from approximately $600 billion to $1.16 trillion in December 2024. The market then retreated to around $900 billion and fluctuated, briefly rebounding to $1.13 trillion on January 18, 2025 (two days before the U.S. presidential inauguration). In October 2025, Total3 reached a new high of about $1.19 trillion but soon experienced a sharp decline, breaking the structural upward trend. Currently, Total3 is approximately $713 billion, down about 40% from the October 2025 peak, approaching the mid-November 2024 level, with no clear signs of sustained recovery in the market.

In major assets, Bitcoin has fallen over 50% from its peak to trough, briefly dropping to around $60,000 and rebounding to about $68,000. Ethereum, after approaching a record high of nearly $5,000 in August 2025, has declined about 60%. Sentiment indicators are also at low levels. The Fear and Greed Index on CoinMarketCap stands at 14, in the “Extreme Fear” zone, and on February 5, it briefly dropped to 5, one of the lowest levels recorded.