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The crypto market is shrouded in a pretty passive vibe. Even during this compliance cycle, the new believers haven’t escaped the fate of being harvested. BTC dropped from its October 2025 peak of nearly $126,000 to around $58,000, with ETF investors’ average cost sitting at roughly $83,000. ETH is even worse—spot ETH ETF holders’ average cost is around $3,500, while it’s now hovering near $1,600. In July, the total altcoin unlock volume was still $376.39 million, with PUMP alone unlocking about $116.7 million, accounting for roughly 20.3% of its market cap. Additionally, the total stablecoin supply has declined for the first time since Q3 2023, dropping to around $312 billion. Yield-bearing and crypto-collateralized stablecoins have pulled back, and Ethereum L2 stablecoin supply has seen its largest quarterly drop since Q4 2022. No one in the community is even talking about the future of blockchain and crypto anymore. The entire crypto market is practically a full-scale disaster.