The broader cryptocurrency market has lost nearly its entire 2025 gain after a sharp drop triggered by a US$19 billion liquidation event. Bitcoin fell below US$100,000, and many altcoins dropped significantly. The reversal comes despite rising institutional interest and ETF flows earlier in the year. Analysts cite weak sentiment, regulatory uncertainty and lack of fresh catalysts for the pull‑back. The decline may delay re‑entry by retail investors and limits near‑term upside potential, especially given the global regulatory focus on digital‑asset risk.