Odaily Planet Daily reports that Wintermute stated on X that it is clear we are in a bear market, and in fact, it has been ongoing for some time — especially when looking at the performance of altcoins, the extreme concentration of rebounds, and market sentiment on X. However, what sets this bear market apart is that it was not triggered by structural collapses like FTX, Luna, or 3AC, but rather by macroeconomic conditions and cyclical trend changes, leading to a relatively natural deleveraging process. The core driving forces are changes in positions, risk appetite, and market narratives.
This point is very critical. Since there have been no bankruptcies or systemic contagion, this cycle may end faster than previous bear markets. Infrastructure is more robust, stablecoins are still growing, and institutional interest has not disappeared — it has only temporarily retreated to a wait-and-see stance. Once the environment improves, attention and capital could quickly return — most likely in the second half of 2026, when macro uncertainties decrease and the Federal Reserve’s policy path becomes clearer.
In the short term, after liquidations, positions have significantly lightened, but market confidence remains insufficient. After two months of range-bound oscillation, we are back to the price discovery phase. It is still too early to discuss any meaningful upward trend, but if one appears, its pattern may be more clearly defined than the reversals seen in previous bear markets — because this time, the crypto ecosystem has not suffered structural damage.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin futures suddenly show a liquidity gap! Bears are preparing to push through the $60,000 level
Bitcoin fell to $65,800 on Wednesday, failing multiple times to hold above $70,000. The Bitcoin futures liquidity heatmap shows a liquidity gap between $66,000 and $60,500, which may act as a magnetic pull causing the price to pass through quickly. Leveraged long positions worth over $350 million are concentrated around $60,500 awaiting liquidation. The RSI below 50 indicates limited buying pressure.
MarketWhisper7m ago
U.S. employment data unexpectedly strong, Bitcoin still drops to 67K
U.S. employment data unexpectedly increased, prompting traders to reduce rate cut bets, and U.S. stocks edged lower. The crypto market confidence remains weak, with total market capitalization down 2.08%. Bitcoin briefly dropped to 65K but rebounded above 67K, while Ethereum fell below $2000. The Fear and Greed Index is in extreme fear.
ChainNewsAbmedia7m ago
Why did Bitcoin drop today? Non-farm payrolls at 130,000 lower interest rate cut expectations, US Treasury yields surge to 4.2%
The US January employment report showed 130,000 new jobs, nearly twice market expectations, and the unemployment rate dropped to 4.3%, indicating the labor market remains resilient. Strong data pushed the 10-year US Treasury yield up to 4.2%, reducing the likelihood of the Federal Reserve cutting interest rates recently. The tightening financial environment has put pressure on risk assets. Analysts point out that Bitcoin is highly sensitive to liquidity; rising government bond yields lead to capital shifting toward safer assets.
MarketWhisper23m ago
Today, the Fear and Greed Index dropped to 5, and the market is in an "extreme fear" state.
Foresight News reports that, according to Alternative.me data, the cryptocurrency Fear and Greed Index dropped to 5 today (yesterday the index was 11 "Extreme Fear"), indicating that the market is in a state of "Extreme Fear."
GateNewsBot31m ago
JPMorgan is optimistic about the 2026 crypto market, expecting institutional funds to drive a recovery
JPMorgan analysts are optimistic about the cryptocurrency market in their latest report, believing that institutional investor capital inflows and regulatory clarity will support market growth. Although Bitcoin's current trading price is below production costs, it is expected to self-correct, and crypto legislation will drive market recovery.
GateNewsBot49m ago
DCG Founder Barry Silbert: In the future, 5%–10% of Bitcoin may flow into privacy-focused cryptocurrencies
Digital Currency Group CEO Barry Silbert in New York stated that an estimated 5%-10% of Bitcoin will flow into privacy-focused cryptocurrencies like Zcash in the future, believing that financial privacy is a fundamental right and has high growth potential. As on-chain analysis tools develop, Bitcoin's "anonymous cash" image has changed, and the demand for privacy continues to grow.
GateNewsBot2h ago
