The cryptocurrency market is facing a severe downturn, with over $2 trillion in market capitalization evaporating within 140 days. Bitcoin trading prices are close to $63,228, down nearly 50% from the peak, while Ethereum hovers around $1,825. Key indicators such as the Bitcoin MVRV ratio at -10.33% suggest the market is generally suffering losses. Factors contributing to this situation include weak demand after the halving, miners being forced to sell due to decreased profitability, and over $600 million in liquidations exacerbating the sell-off. Geopolitical tensions and a shift towards safer assets have also added further pressure, challenging the notion that institutional investors can prevent a major crash.