The pain trade in crypto is no longer just a bitcoin story.
Major altcoins are stuck in a prolonged slide, with red monthly candles piling up across the board. Ethereum has fallen more than 8% over the past 30 days and is now on track for its fifth consecutive negative month. XRP, Solana, and Dogecoin are each down between 5% and 7% this month, setting them up for four straight months in the red.
Momentum? What momentum?
Options and prediction markets show just how washed out sentiment has become. Traders are assigning very low odds to meaningful upside moves this month, with only slim chances priced in for ethereum reclaiming $3,500, XRP pushing back above $2.10, dogecoin retaking $0.14, or solana making a run toward $150.
That kind of positioning reflects a market that is no longer expecting quick V-shaped recoveries, but instead bracing for continued grind lower or sideways at best.
Macro is calling the shots
Analysts say this downturn has less to do with crypto-specific drama and more to do with the broader risk environment. With digital assets increasingly moving in sync with equities, fears about an overheated tech and AI trade have spilled directly into crypto.
On top of that, shifting expectations around interest rates are adding pressure. A more hawkish outlook for monetary policy has reduced hopes for rapid rate cuts, making speculative assets like altcoins less attractive in the near term.
Policy hope, price delay
Some industry watchers are looking to upcoming US market structure legislation, including the proposed CLARITY Act, as a longer-term positive for the space. Greater regulatory clarity could help crypto integrate more smoothly with traditional finance.
But even optimistic voices admit that policy progress is unlikely to provide an immediate price catalyst. For now, altcoins remain stuck in a phase where improving fundamentals and regulatory outlooks are being overshadowed by macro headwinds and weak momentum.
Until broader risk appetite returns, the red candles may keep stacking.