This is why everyone is depressed in crypto - Altcoin volumes have dropped by -50% -Spot Bitcoin ETF AUM is down -$60B -50% of total BTC supply is now underwater -Bitcoin recorded 11 consecutive days of panic selling -Open Interest collapsed -$140B (-60% from peak) -Bitcoin holders realized $2.3B in losses in just 7 days -Stablecoin market cap growth has stalled, signaling drying sidelined liquidity -Miner reserves declining as operational pressure increases -Funding rates persistently negative across major exchanges -Only the 2nd time in history BTC posted negative returns for 5 straight months -Bitcoin has remained in a Capitulation Zone (Z-score < -3) for 5 months -Fear & Greed Index stuck in Extreme Fear (<20) for 20 days, 2nd longest streak ever -Long-term holders beginning to distribute at a loss -Net exchange inflows rising — more BTC moving to sell -On-chain activity (active addresses & transactions) trending downward -Venture funding into crypto startups down significantly year-over-year.