Excluding Bitcoin and Ethereum, the rest of the crypto market has lost nearly a quarter of its value throughout the first half of 2026 - falling 23% to around $666 billion, equivalent to Rp10,850 trillion. Analysts at crypto.news say this is no ordinary crash that comes and goes, but rather something slower and more concerning: a “depression” in the crypto market’s long tail.
That 23% figure actually masks far worse damage. The aggregate decline is cushioned by major assets such as stablecoins, exchange tokens, and a handful of top-tier layer-1s. Once descending to the mid-cap tier, drops routinely reach 60-80% from their 2025 peaks, meme coins have plunged even deeper, and tokens valued under $100 million are virtually illiquid - with daily volumes of just a few thousand dollars.
Capital Flowing Inward, Not Entirely Leaving
Fund flow data explains the mechanism: capital has not fled crypto completely, but rather retreated into assets perceived as “safer” - Bitcoin, stablecoins, and a handful of major narratives. Bitcoin dominance has steadily climbed throughout the year, while spot Bitcoin ETFs have turned into a source of selling pressure: these funds bled $4.51 billion in June alone, their worst month in history, and roughly $7 billion across May and June. Even Ethereum, once considered the safest institutional asset thanks to its ETFs and staking yield, posted three consecutive red quarters for the first time - plunging 65% from its peak.
A Handful of Coins Refusing to Sink
Amid this devastation, there are notable exceptions: a perpetual exchange token is nearing its all-time high, a lending token gained 40% in a month thanks to a buyback program, and a layer-1 once thought “dead” jumped 31% in a single week. The pattern of which assets survive is, according to analysts, just as informative as the crash itself - indicating that the market is now far more selective than in previous cycles.
For retail investors, these figures can be read two ways at once: a warning signal that the era of “all coins rising together” is long gone, as well as a treasure map for those daring enough to hunt for quality assets amid the price wreckage. What is clear is that the winners of the second half will likely not be determined by who is hyped most by influencers, but by who truly has the fundamentals to survive.
Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
