Bitcoin News Today: Bitcoin Slides 7.2% as Crypto Market Shifts Bearish, Ethereum Surges 70% Since June

The cryptocurrency market has entered a bearish phase, with key indicators signaling a shift in investor sentiment and asset allocation. Bitcoin, which reached an all-time high of $124,000 last week, has since retreated below $115,000, triggering bearish signals on technical indicators. This correction has marked a return to Bitcoin dominance, with the Bitcoin vs Altcoin Season indicator showing that 90% of returns are now concentrated in Bitcoin, a trend typically associated with risk-off environments [1].

Ian Belina, a leading crypto analyst, described the current pullback as a “healthy cooling-off correction” rather than a reversal of the long-term trend. He emphasized that while the decline in momentum is notable, it may represent a necessary reset for the market [1].

Ethereum, on the other hand, has outperformed Bitcoin in the current environment. Trading at around $4,300, Ethereum has surged approximately 70% since June, significantly outpacing Bitcoin’s modest gains. The ETH/BTC ratio has reached 2025 highs at 0.037%, signaling a growing preference for Ethereum-based assets. Abdullah from Token Matrics noted that as long as Ethereum stays above $4,000, it is likely to continue outperforming Bitcoin and Solana within the next one to three months [1].

Solana, however, faces potential challenges. Analysts expect a possible 30–40% correction as the token has broken key technical support levels, with bearish momentum indicators turning against it. Despite this, Abdullah highlighted the long-term upside potential, suggesting that Solana could reach $500 or $1,000 by the end of the cycle for those willing to buy the dip [1].

Institutional adoption remains a strong undercurrent supporting the crypto market. MicroStrategy’s recent purchase of 430 Bitcoin for $51 million has increased its total holdings to $7.2 billion, with unrealized gains of $2.6 billion. Similarly, Bitcoin Immersion, led by Tom Lee, holds 1.52 million ETH valued at $6.6 billion, positioning it as the largest Ethereum treasury among public entities [1].

Despite the broader bearish trend, certain tokens have shown resilience and promise. Chainlink (LINK) recently broke through a two-year resistance level, with analysts predicting a new all-time high. The token’s recent improvements in tokenomics, including a buyback program tied to enterprise revenue, have strengthened its fundamentals [1].

Pendle (PENDLE) continues to be undervalued relative to its fundamentals, with a Total Value Locked (TVL) of $10 billion against a $1.4 billion market cap. As a leading yield trading platform, Pendle offers institutional investors the ability to fix and trade yields with leverage, making it an attractive option in the current market [1].

Tokens within the Base ecosystem, including Aerodrome and Zora, have shown resilience despite recent corrections. Analysts anticipate increased volume from Coinbase’s gradual expansion of DEX trading access, which could benefit these protocols [1].

Market outlook for the next few weeks suggests a consolidation or correction period into mid-to-late September. However, Q4 remains a potential period of bullish momentum, particularly if the Federal Reserve adopts a dovish stance at the Jackson Hole symposium [1].

Investors are advised to focus on tokens with strong fundamentals, high trader grades, and positive momentum indicators. Over 60% of market returns shifting to altcoins while the overall market shows strong buy signals typically indicates a favorable profit-taking window [1].

The crypto market’s underlying infrastructure and institutional adoption trends suggest a maturing asset class with long-term potential, despite the current volatility [1].

Source: [1] Crypto Market Turns Bearish: Expert Analysis on Bitcoin, Ethereum, and Top Altcoin Opportunities (https://www.tokenmetrics.com/blog/crypto-market-turns-bearish-expert-analysis-on-bitcoin-ethereum-and-top-altcoin-opportunities)