The cryptocurrency market has faced a significant drawdown, with the top five cryptocurrencies losing a combined $659 billion since their 2025 peak, according to Cryptoquant and its researchers, cryptoquant.com reports.

Ethereum and Solana Lead Losses in Crypto Market Decline, Reports Cryptoquant

Ethereum and Solana led the losses, with ethereum’s ( ETH) market capitalization dropping by 44% to $240 billion, while solana ( SOL) declined by 43% to $73 billion. Meanwhile, bitcoin ( BTC) and binance coin ( BNB) demonstrated relative resilience, with bitcoin’s market cap down 18% to $1.735 trillion, and BNB falling by only 15% to $91 billion, Cryptoquant data shows.

Cryptoquant’s analysis highlights that bitcoin and BNB experienced the lowest drawdowns, down approximately 20% from their all-time highs. By contrast, ethereum’s price has reached a notably undervalued position against bitcoin, with the ETH/BTC ratio dropping 72% since September 2022. “ ETH’s price has entered an extremely undervalued area relative to bitcoin for the first time since January 2020,” the report notes.

XRP, while initially benefiting from increased investor optimism after the 2024 U.S. presidential election, has since faced stagnation. Following Donald Trump’s victory, XRP’s market capitalization surged from $30 billion to $142 billion by March 2025. “However, the activity on XRPL has since cooled off, with active addresses down to the 20K-40K area,” Cryptoquant’s analysis states.

Bitcoin’s market sentiment remains subdued, with Cryptoquant’s Bull Score Index at 20, its lowest reading since January 2023. The Bull Score, a metric designed to gauge market optimism, suggests that bitcoin’s investment environment remains weak.

“With a Bull Score of 20, the model suggests a weak investment environment for Bitcoin, reducing the likelihood of a sustained rally in the near term,” the researchers explain. “If the score remains below 40 for an extended period, it could signal the continued bearish market conditions, similar to previous bear market phases.”

Cryptoquant’s report illustrates the challenges facing ethereum and solana as they navigate sharper losses than their counterparts. Ethereum’s underperformance, particularly against bitcoin, has reignited debates over the platform’s long-term valuation. Meanwhile, BNB and bitcoin’s relative stability has positioned them as the most resilient among the top five cryptocurrencies.

While XRP initially capitalized on regulatory optimism, Cryptoquant emphasizes that sustained growth may depend on increased network activity and broader market recovery. The current divergence in cryptocurrency performance reinforces the mixed sentiment and uncertainty surrounding the crypto market’s future direction.