Jefferies sees few signs of a BTC bottom yet flags upside for tokens with fundamentals
Jefferies says the latest crypto selloff shows few signs of an imminent bottom, even as bitcoin and ether hover near levels that have historically drawn dip buyers.
In a research note this week, the bank described the downturn as a liquidity-driven correction rather than a collapse in blockchain activity, pointing instead to continued network usage and selective corporate bitcoin accumulation as evidence that the sector’s underlying infrastructure remains intact.
This comes as bitcoin trades near $64,800, roughly 47% below its October 2025 peak of about $123,500, while ether trades around $1,900, down nearly 60% from its prior cycle highs.
Jefferies wrote that sharp price declines have revived familiar “crypto winter” narratives, but…
