Bearish Sentiment Peaks as Crypto Market Seeks a Floor

As the crypto market extends its multi-month decline, amplified by last week's sharp sell-off, investors are watching for signals that could mark the end of the current bear phase. Ironically, one potential indicator may be the resurgent confidence of long-standing Bitcoin critics—voices that have remained bearish throughout Bitcoin’s historic rise.

Renewed Skepticism from Traditional Outlets:

Financial Times columnist Jemima Kelly argued Bitcoin remains “about $70,000 too high”, repeating claims that the asset relies on a shrinking pool of “greater fools” and lacks fundamental valuation support.

FT’s Craig Coben highlighted MicroStrategy’s declining stock price—down roughly 80% from its late-2024 peak—describing the firm’s Bitcoin-heavy strategy as a “long road to nowhere.”

Longtime Critics Reemerge:

Gold advocate Peter Schiff noted that MicroStrategy’s $54+ billion Bitcoin treasury is now roughly flat in USD terms, and that Bitcoin has fallen significantly against gold—currently worth ~15 ounces, well below its 2021 peak.

Market Interpretation:
Some analysts view this wave of pessimism as a potential contrarian signal, often associated with late-stage capitulation. However, timing a market bottom based on sentiment alone remains highly speculative.

Tether Fundraising Adjustments:
Earlier reports of a $15–20 billion raise at a $500 billion valuation have been dialed back, with recent discussions pointing to a closer to $5 billion fundraising round. CEO Paolo Ardoino maintains that investor interest remains strong, but the revised figures reflect a more cautious market environment.

Bottom Line:
While bearish headlines can sometimes coincide with market turning points, investors should prioritize structural indicators—such as on-chain data, liquidity conditions, and macroeconomic trends—over sentiment-driven narratives when assessing the cycle’s progression.