Pantera Capital: The "wide fluctuation" market in 2025 will trigger investor stop-loss exits, with the market looking forward to a rebound in 2026

According to a report by Jinse Finance, Pantera stated that since December 2024, most non-Bitcoin tokens have been in a bear market, with the total market capitalization of tokens excluding BTC, ETH, and stablecoins falling by about 44% from the peak at the end of 2024. Bitcoin has only declined by about 6% in 2025, Ethereum by 11%, Solana by 34%, while other tokens excluding BTC, ETH, and SOL have dropped by nearly 60%, with the median token falling by about 79%. Pantera pointed out that this decline was mainly influenced by macro shocks, leveraged liquidations, and structural issues in token value accumulation. However, the length of this adjustment cycle is similar to previous bear markets, and if fundamentals remain stable, a more favorable market environment may emerge in 2026.