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Crypto's 2025 'Whipsaw' Year Drove Capitulation as Markets Look Toward 2026 Rebound
Source: CryptoNewsNet Original Title: Crypto’s 2025 ‘whipsaw’ year drove capitulation as markets look toward a 2026 rebound, Pantera says Original Link: What looked like a choppy year for crypto in 2025 was, beneath the surface, a full-scale bear market for most tokens that began more than a year earlier, according to prominent venture capital firm Pantera Capital.
In its 2026 outlook, the VC firm said that the non-bitcoin token market has been in a sustained downturn since December 2024. Total crypto market capitalization excluding bitcoin, ethereum, and stablecoins dropped about 44% from its late-2024 peak through the end of 2025.
The decline compressed sentiment and leverage to levels historically associated with capitulation – a stage of a panic-driven sell-off, where holders abandon hope of a recovery and liquidate positions to prevent further losses.