According to the Bitcoin Fear & Greed Index, market sentiment has stayed in the extreme fear band for 13 consecutive days while Bitcoin is trading around $87,500. The gauge, which aggregates market cap dominance, volume, Google Trends, social activity, and volatility into a 0–100 score, currently sits at 23, marking a prolonged period of pessimism. Historically, major tops and bottoms have often formed when the index sits in its extreme zones, but it is still unclear whether the latest stretch will mark a decisive cycle low.

Analyst Ali Martinez, in a new X thread, says Bitcoin's major cycles have historically taken about 1,064 days from bear-market lows to tops and roughly 364 days from tops to subsequent bottoms, implying a potential bottom around October 2026. He also maps a 70% drawdown scenario to about $37,500, while BTC trades near $87,300, up 0.7% week-on-week.

In a post on X, Santiment said XRP's Positive/Negative Sentiment ratio has fallen into its "fear zone", with the reading around 1.01. The firm noted a prior spike into a "greed zone" was followed by a price pullback. At the time of writing, XRP trades near $1.90, down 1.3% over the past 24 hours.

In the past day, traders have added new Bitcoin positions in the perpetual futures market, and the Funding Rate indicates these are largely leveraged long bets. On-chain data shows Open Interest climbed from 304,000 BTC to 310,000 BTC alongside a price recovery toward $90,000, while the Funding Rate increased from 0.04% to 0.09%. Bitcoin has since eased slightly from its latest high, with the spot price pulling back to $89,500.

Over the past week, on-chain metrics tracked by Sentora show Ethereum exchanges recorded net outflows of $978.45 million, indicating strong withdrawals from centralized platforms. This period also saw ETH transaction fees fall to about $2.64 million, more than 15% lower week-over-week, alongside a price drop to $2,780 before a rebound to just under $3,000. A major supply cluster around $2,772 highlighted by Glassnode's URPD data suggests many holders may have been defending this level through dip buying.

On-chain firm Santiment said on X that Bitcoin and Ethereum funding rates have diverged amid recent volatility. BTC longs remain dominant as the price jumped to $90,300 before sliding to $85,300, while ETH turned short-heavy after a move to $3,000 and a pullback to about $2,790. Bitcoin later recovered to $87,100 on Wednesday.

Over the past 24 hours, a sharp pullback in Bitcoin, Ethereum and other major tokens triggered a wave of liquidations on derivatives venues. CoinGlass data shows totals surpassed $650 million, with about $584 million from longs; Ethereum led with over $235 million versus Bitcoin at $186 million, while Glassnode flagged BTC's spot near $87,200 below the $87,900 Active Realized Price.

On-chain analytics firm Santiment, in a new post on X, reported that XRP's 30-day MVRV sits at -6.1%, placing it in an undervalued zone. Ethereum's reading is 7.2% and Bitcoin's is 2.4%, while Cardano and Chainlink stand at -4.4% and -0.3%, respectively. At the time of writing, XRP is around $2.04, up 1.5% over 24 hours.

On-chain data show Solana’s Realized Profit/Loss Ratio has shifted into a loss-dominated range, signaling weaker liquidity conditions for SOL. Glassnode’s 30-day moving average of the metric dropped below 1 in November and has continued deeper into loss territory, a pattern previously seen in bear markets. Against this backdrop, Solana briefly rose to $144 before pulling back to about $138.