The crypto market has almost given back the gains from the 2024-2025 U.S. presidential election cycle, with the total market cap down about 40% from its peak.

BlockBeats News, February 22 — Data shows that the crypto market has largely retraced the gains made following the 2024 U.S. presidential election rally. Total3 (a metric of the total crypto market capitalization excluding Bitcoin and Ethereum) surged over 91% after the election results were announced on November 5, 2024, rising from approximately $600 billion to $1.16 trillion in December 2024.

Subsequently, the market retreated to around $900 billion and fluctuated, with a brief rebound to $1.13 trillion on January 18, 2025 (two days before the U.S. presidential inauguration). In October 2025, Total3 reached a new high of approximately $1.19 trillion but then experienced a sharp decline, breaking the structural upward trend.

Currently, Total3 is about $713 billion, down roughly 40% from its October 2025 peak, approaching mid-November 2024 levels, with no clear signs of sustained recovery in the market.

In terms of mainstream assets, Bitcoin has fallen over 50% from its peak to trough, dropping to around $60,000 at one point, and rebounded to about $68,000. Ethereum, after approaching a record high near $5,000 in August 2025, has declined approximately 60%.

Sentiment indicators are also at low levels. The Fear and Greed Index from CMC stands at 14, in the "Extreme Fear" zone, and on February 5, it briefly dropped to 5, one of the lowest levels recorded.