Bitcoin’s having a rough week, but it just caught a bit of a break. After hitting a 21-month low near $57,700, BTC bounced back to around $61,490. Ether and Solana are up too, each gaining a few percent.
The fear is real though. Sentiment trackers are sitting at about 11 out of 100 — deep into “Extreme Fear” territory. Bitcoin’s still down roughly a third since January. US spot Bitcoin ETFs bled $4.5 billion in June alone, the worst month since they launched.
Analyst PlanB says we might not be at the bottom yet. His take: every previous bear market bottom happened below Bitcoin’s “realized price” of $52,000. Right now we’re above it. If history repeats, there’s room to drop further.
On the upside, Sharplink just bought another $16 million worth of Ether over two days at an average price of $1,611 per ETH. That’s 10,000 ETH added to a treasury now sitting at 866,725 ETH. The company says it’s committed to ETH as a long-term reserve asset.
Meanwhile, the five-year US Treasury yield jumped to 4.22%. Higher bond yields tend to pull money away from risk assets like crypto. Traders are watching the Fed closely.
A report from Talos says Q2 saw $8.35 billion in BTC and ETH long liquidations. That cleared out a lot of speculative leverage. Problem is, thinner order books mean prices can swing harder on less volume. The market’s cleaner heading into Q3, but don’t expect a smooth ride.
