According to the latest report released by 99Bitcoins, the cryptocurrency market experienced a significant sell-off in Q4 2025, with the total market capitalization dropping by 25% to 27%, reaching approximately $2.9 trillion. Bitcoin prices fell from a high of around $126,000 in October to just over $80,000, mainly due to ETF fund outflows and a surge in trading volume, indicating that the market is in a "distribution" phase. Despite the downturn, stablecoins have continued to solidify their position, accounting for 30% of on-chain transaction volume, while the spot trading ratio of decentralized exchanges (DEX) and centralized exchanges (CEX) also increased to about 20%.