Crypto stocks are caught in a brutal free fall, mirroring the market-wide slump in Bitcoin and altcoins.

CoinBase, the biggest crypto exchange in the U.S., has crashed from nearly $350 per share in November to $190. This decline has brought its market cap from $86 billion to $48 billion—a $38 billion wipe out.

Crypto stocks are caught in a brutal free fall, mirroring the market-wide slump in Bitcoin and altcoins.

Coinbase (NASDAQ:COIN), the biggest crypto exchange in the U.S., has crashed from nearly $350 per share in November to $190. This decline has brought its market cap down from $86 billion to $48 billion-a $38 billion wipe out.

Among the biggest crypto losers is Michael Saylor’s (NYSE:MATA) Strategy (NASDAQ:STLY), which has seen billions of dollars in value shed. Its market cap slipped from a high of $106 billion last year to $79 billion today. The company, formerly known as MicroStrategy, has continued to accumulate Bitcoin and now holds 499,226 Bitcoins in its balance sheet.

Chart of Bitcoin price over the past 12 months.

Meanwhile, the price of Bitcoin (BTC) has dropped from over $109,300 in January to $85,000 at last check. Most altcoins have done worse. For example, Solana (CRYPTO:SOL) meme coins have seen over $18 billion in value slip as their collective market cap sank.

Bitcoin, altcoin prices plummet

These crypto stocks have dropped because of the ongoing decline of Bitcoin and other altcoins. According to CoinMarketCap, the market cap of all cryptocurrencies has dropped from over $3.7 trillion in 2024 to $2.7 trillion today.

These crypto stocks and coins have dropped despite the Trump administration’s pledge to be highly supportive of the sector via initiatives like a Strategic Bitcoin Reserve.

The Securities and Exchange Commission has also enacted some friendly policies and ended most of the lawsuits in the industry. It has ended lawsuits brought on companies like Coinbase, Ripple Labs, and Kraken.

Whether these crypto stocks will bounce back remains to be seen. Crypto analysts have a mixed outlook on the industry. Some observers expect Bitcoin’s price to recover, with Standard Chartered predicting it will hit $500,000 over time.

Ki Young Ju, CryptoQuant’s founder, estimates that the crypto bull run has ended, noting that all indicators were bearish.