According to @CoinMarketCap, 2025 featured a violent distribution regime with the total crypto market cap declining 8.2% to about 2.99 trillion USD, source: @CoinMarketCap, Dec 31, 2025. Market sentiment swung from greed to extreme fear during the year, signaling unstable risk appetite, source: @CoinMarketCap, Dec 31, 2025. The market was resilient but prone to macro shocks, highlighting elevated sensitivity to event-driven volatility, source: @CoinMarketCap, Dec 31, 2025. CoinMarketCap described conditions as a choppy grind rather than a clear bull or bear trend, underscoring a range-bound environment vulnerable to macro headlines, source: @CoinMarketCap, Dec 31, 2025.

According to @glassnode, BTC has traded below the 0.75 quantile since mid-November, leaving more than 25% of supply underwater, and at $93K the market is highly sensitive to macro shocks until price reclaims the 0.75 quantile at $95.8K and then the 0.85 quantile near $106.2K. Source: Glassnode on X, Dec 4, 2025; glassno.de/3KEPxKM. The setup reflects a fragile balance between top-buyer capitulation risk and seller-exhaustion bottom formation, making these reclaim thresholds critical for trend confirmation. Source: Glassnode on X, Dec 4, 2025; glassno.de/3KEPxKM.