Karla Barker 
The crypto market hasn’t fully recovered from the bear market that began after the largest liquidation event in its history on 10th October 2025. On that day, over $19 billion were wiped out. Since then, the market has swung through highs and lows, sparking concern over whether bulls or bears have the upper hand. Now, the market sits at another turning point, just after Bitcoin cleared the $65,000 resistance and several altcoins printed local highs.
Investors pull back $85 billion
Whether the market records deeper losses is tied directly to its total capitalization, which has shed roughly $85 billion since 21st July. This decline may be evidence of bearish positioning, profit-taking, or a mix of both. The drop came right after the market set a fresh high, hinting that investors were likely locking in profits. At the time of writing, the Fear and Greed Index seemed to capture this shift. It showed a reading of 35, meaning investors are simply fearful—probably spooked by the prospect of another liquidation. Capital appears to be sitting largely on the sidelines, despite some quiet accumulation.
Investors are waiting, not exiting
There is an interesting dynamic that might suggest investors are simply waiting for calm to settle in. For example, the Altcoin Season Index, which tracks whether altcoins are leaning toward a bull run or bear dominance, was trending upward even as altcoin market capitalization slid over the same stretch. On 23rd July, the index sat at 51 with altcoin market cap at $923.67 billion. By 25th July, it climbed to 53 while altcoin cap fell to $900.46 billion. This divergence points to lingering bull interest. To frame this differently, crypto market sentiment printed its latest reading at 1.78, down from an all-time high of 3.23 set on 22nd July. This implies investors have stayed bullish, though they may be far less optimistic than just days ago.
Bull market hasn’t arrived yet
Finally, a key indicator of whether investors are willing to step back in runs through stablecoin supply. Over the last 24 hours, barely any stablecoin inflows have reached the market, with supply holding near flat. Across the past week, a slight uptick pushed roughly $824.5 million into the market. That figure appears minimal against the outflows the market absorbed over the same period. Until a major inflow arrives, likely north of the $1 billion mark, the market is likely to stay muted. So while some signals show cautious optimism, the real bull run hasn’t started yet.