After registering early‑year gains, the global cryptocurrency market has now erased almost all of its 2025 rally as bearish sentiment returned. A recent report finds major tokens, including Bitcoin and Ethereum, trading near their mid‑year levels, with investors citing tightening regulation, weaker macro back‑drop and fading hype around speculative themes. Technical analysts point to a sustained bearish bias and warn that until fresh catalysts emerge, the digital‑asset space may lag broader markets. The pull‑back raises questions about institutional interest and how crypto may evolve in the next cycle.