Jefferies sees few signs of a BTC bottom yet flags upside for tokens with fundamentals

Jefferies stated in a recent research note that the current cryptocurrency downturn shows few indications of an immediate bottom, despite Bitcoin and Ether trading significantly below their peaks. The bank attributes the weakness primarily to a liquidity-driven correction, broader global risk-off sentiment, and institutional portfolio rebalancing, evidenced by large holder selling and spot ETF outflows, rather than a collapse in underlying blockchain fundamentals. Jefferies noted that network activity remains resilient and some corporate Bitcoin accumulation continues. While short-term headwinds persist, the report maintains a cautiously optimistic long-term view, suggesting that regulatory progress and increased traditional finance adoption could eventually favor tokens linked to revenue-generating blockchains, leading to performance divergence across the market.

(Source：CoinDesk)