How crypto's promised year-end fireworks turned into a bloodbath

Digital asset treasuries, altcoin ETFs and bitcoin’s famed year‑end seasonality were meant to supercharge prices. What came instead was the worst drawdown since 2022's crypto winter. What to know : Digital asset treasuries, altcoin ETFs and seasonal strength all failed to support prices, with some DATs now risking forced selling as their market caps fall below NAV. October’s $19 billion liquidation cascade hollowed out market depth, and the subsequent rebound has been fueled more by short covering than fresh demand. With ETF enthusiasm fading, DATs under pressure and rate cuts failing to lift prices, crypto is entering the new year without a clear bullish catalyst — though capitulation could eventually create opportunity.