Bloomberg recently fielded industry opinions on the ongoing Bitcoin downtrend, assessing whether the market has reached a bottom yet.
Notably, Bitcoin has erased more than $1 trillion in market value since its October 2025 peak, and investors have now continued to ask an important question: has the market finally found a floor, or is there more pain ahead?
In a recent report, Bloomberg examined the latest price slide and gathered opinions from finance industry leaders as uncertainty continues to weigh on crypto.
Key Points
- Amid the ongoing downtrend, Bitcoin has lost $1.17 trillion in market value since dropping from the $2.52 trillion peak in October 2025.
- Bitcoin initially slid to $59,000 earlier this month, but has since recovered to the $67,000 region.
- Now, investors are split on whether the $59,000 low marked Bitcoin’s bottom for the ongoing downtrend or steeper declines could play out.
- Koinly’s CEO told Bloomberg that the market does not yet show the capitulation signs that defined past cycle bottoms.
- CryptoQuant spotlighted multiple concerning metrics, but insisted that bear market bottoms often take time to form.
Bitcoin Suffers a $1.17T Drop Since October
For context, Bitcoin reached a market capitalization of $2.52 trillion in October 2025. Since then, it has lost $1.17 trillion, bringing its valuation down to $1.35 trillion. The price has fallen 41% from those October highs and now trades around $67,000.
According to Bloomberg, the latest decline came ahead of the U.S. market open following a three-day break. The report noted that Bitcoin fell as much as 1.7% on Tuesday. At the same time, Nasdaq 100 futures slid 0.9%, and S&P 500 contracts dropped 0.6%, pointing to a weaker start.
Bloomberg said Bitcoin has behaved like a high-beta technology stock in recent months, often moving in step with equity markets, and it again followed that pattern.
The report also suggested that macro concerns have led to the recent mood. Specifically, investors are watching rising geopolitical tensions around Iran and discussing whether artificial intelligence could have economic effects beyond the tech sector.
Bitcoin Sees ETF Outflows and Fragile Sentiment
Bloomberg highlighted continued pressure from fund flows. Notably, U.S.-listed Bitcoin ETFs recorded a fourth straight week of net outflows, with $360 million pulled last week alone. This steady withdrawal of capital has added to the headwinds facing the market.
Sentiment indicators also show a clear strain. Bloomberg reported that CryptoQuant’s Fear and Greed Index stood at 10 out of 100 on Monday, placing it in extreme fear territory. Such a low reading shows how cautious investors have become during this 41% pullback.
Has Bitcoin Bottomed?
Speaking on the downtrend, Paul Howard, senior director at market maker Wincent, told Bloomberg that macro news has guided crypto’s risk profile over the past 12 months. He expects Bitcoin to move sideways for a while as it looks for fresh drivers of sentiment.
Meanwhile, Robin Singh, CEO of crypto tax platform Koinly, said many traders see $60,000 as an important support level. However, he warned that if risk appetite weakens further, that level might not hold.
Singh added that another bout of macro instability or prolonged trading in the mid-$60,000 range could send Bitcoin back into the $50,000s. He believes the market does not yet show the deep capitulation that has marked past cycle bottoms.
On-Chain Data Suggests More Time May Be Needed
Notably, on-chain analytics firm CryptoQuant argued that bear market bottoms usually take time to form. The firm noted that Bitcoin holders realized $5.4 billion in daily losses on Feb. 5, the largest since March 2023 and even higher than levels seen after the FTX collapse.
Still, monthly cumulative losses in BTC terms stand at 0.3 million BTC, far below the 1.1 million BTC recorded in late 2022, which suggests the market has not yet gone through a full structural washout.
CryptoQuant also said major valuation metrics have not reached historical capitulation zones. The MVRV ratio remains outside the extreme undervalued area, while NUPL has not fallen to the roughly 20% unrealized loss level that typically signals a bottom. In addition, 55% of the supply remains in profit, compared with the 45% to 50% range seen at prior cycle lows.
The firm added that long-term holders are currently selling around breakeven, or 0% profit. In past bear markets, bottoms formed when these holders absorbed losses of 30% to 40%.
CryptoQuant’s Bull-Bear Market Cycle Indicator also remains in the Bear region rather than the Extreme Bear region that often marks the start of bottoms. Bitcoin still trades about 18% above its realized price near $55,000, while earlier cycle lows saw price fall 24% to 30% below realized price before spending four to six months building a base.
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