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…