pessimism

According to Cointelegraph, in the wave of declines in technology stocks, cryptocurrency-related stocks have suffered particularly severe losses, with the divergence from the broader market continuing to widen. Coinbase (COIN) and Circle (CRCL) have fallen 69% and 72% from their respective historical highs, far exceeding the 48% to 57% pullback of mainstream tech stocks like Oracle, Salesforce, Netflix, and Palantir; in contrast, the S&P 500 index has only retreated 3.5% from its recent peak.On the fundamental side, Coinbase's first-quarter performance was significantly below Wall Street expectations, with a 21% quarter-over-quarter decline in revenue and a loss of $1.49 per share, while analysts had previously expected earnings of $0.27 per share. Bitcoin fell below $60,000 this week, down more than 54% from its October peak; Ethereum also dropped to around $1,500, down about 69% from last year's high, with market sentiment continuing to deteriorate.21Shares has lowered its 2026 cryptocurrency market expectations in its mid-year outlook report, believing that the performance of digital asset prices is significantly lagging behind the industry's fundamentals. The institution pointed out that institutional adoption is still deepening, with stablecoins, asset tokenization, and prediction markets maintaining strong development momentum, but the four-year market cycle of Bitcoin remains the dominant force in price trends. The report also acknowledged previous misjudgments—"the cycle of Bitcoin is evolving, but has not yet broken," retracting its earlier assertion that the four-year cycle was outdated.Analysts believe that the deep pullback in cryptocurrency stocks reflects the overall weakness of the digital asset market, the uncertainty of legislative progress in the U.S. cryptocurrency market structure, and the compounded pressure from the potential impact of AI technology on existing business models.

Crypto KOL Ansem reiterated the long-term investment logic of Bitcoin, stating that despite previously holding a bearish stance, the current price level presents a good buying opportunity. He pointed out that the core narrative of Bitcoin as the hardest currency remains unchanged—it's not subject to government seizure, can be transferred across borders instantly, and is not affected by the long-term depreciation of the dollar, making it an ideal vehicle for long-term wealth storage. The performance of gold outpacing Bitcoin between 2024 and 2025 temporarily undermined the "digital gold" narrative, but he believes that as long as price momentum rebounds, market confidence can be restored.On a macro level, Ansem believes that with the reopening of the Strait of Hormuz and the expected easing of inflationary pressures, the Federal Reserve's hawkish stance may be nearing its peak, at which point both Waller and the Federal Reserve will have room to cut interest rates rather than continue raising them; the strength of the dollar and rising interest rates exert pressure on gold, but if profits from AI stocks flow into real estate, cash, and long-term value storage assets, both gold and Bitcoin will benefit; institutional investors like Paul Tudor Jones still show interest in Bitcoin.Previously, Ansem candidly admitted to being bearish on Bitcoin due to Saylor's (founder of Strategy) position risk, once believing that $60,000 would be hard to maintain, but he stated he is now responding to buy signals. He noted that the current price action has priced in the worst-case scenario of Saylor being forced to sell, and even if he truly needs to sell, it would not happen for at least six months. He concluded that Bitcoin is currently at the intersection of long-term historical support levels and the most pessimistic market sentiment he has observed, making entry at the beginning of Q3 a trading opportunity worth paying attention to.

Matrixport tweeted, "Bitcoin has entered an extreme panic zone, with market pessimism returning to a level rarely seen in nearly a decade. From an emotional standpoint alone, the current situation easily creates the illusion of 'panic bottoming and risk clearance.'However, beneath this surface, there are still many signals hidden in the data that traders have yet to notice. Several indicators that issued warnings before the drop in October have now moved to the opposite extreme, but this does not mean that the risks have been alleviated. Some key indicators are showing a clear divergence from prices, suggesting that a short-term market structure, which is almost unnoticed, is taking shape.Meanwhile, the macro pressures that triggered this round of sell-off have not eased, and the coming weeks will determine whether Bitcoin stabilizes or enters a deeper phase of correction."

ChainCatcher news, Dragonfly managing partner Haseeb Qureshi responded to the community's pessimistic views on the prospects of the crypto market. Some investors have indicated that venture capital firms may suffer significant losses in the current cycle, believing that tokens lack buyer demand and are unlikely to generate substantial returns to support fund operations.In response, Haseeb mentioned his nearly 8 years of experience in crypto investments, pointing out that similar pessimistic sentiments were present during the 2018/2019 fundraising period. He stated that those with a pessimistic outlook could short the market and expressed his willingness to compare investment results in 3 years.

ChainCatcher message, Cryptoquant analysts released a report stating that based on historical data, the price of Bitcoin is currently in a key psychological turning point, situated between optimism and pessimism. Market participants form optimistic or pessimistic views based on whether they are in profit; as long as Bitcoin remains within this range, it indicates that a significant drop is unlikely.Historical data shows that maintaining stability in key areas is crucial for the continuation of a bull market. Specifically, the "profit supply" indicator, which reflects periods of investor profitability, suggests that when a large portion of the supply is in profit, optimistic sentiment tends to rise. The current price level of Bitcoin is testing this optimistic zone.

ChainCatcher news, Coinbase's Layer 2 network Base announced the introduction of an open-source monitoring system called Pessimism for the Optimism ecosystem, which can identify protocol threats and security vulnerabilities specific to networks created using the OP stack and other EVM-compatible chains. It is reported that the Pessimism system includes three main subsystems: the ETL subsystem, the risk engine, and alerts, which together can parse, analyze, and flag potential security issues.Previous report, Coinbase's L2 network Base announced the open-source monitoring system Pessimism, aimed at enhancing the security of Base (as well as OP Stack and EVM-compatible chains) by rapidly detecting and responding to a large number of protocol threats.

ChainCatcher news, Coinbase's L2 network Base has announced the open-source monitoring system Pessimism, aimed at enhancing the security of Base (as well as OP Stack and EVM-compatible chains) by quickly detecting and responding to a wide range of protocol threats.Since its launch, the Coinbase team has been running Pessimism internally, providing round-the-clock supervision and monitoring of the Base mainnet. Now, in the spirit of contributing to public goods, Pessimism has been open-sourced under the MIT license, making it free and permissive software.

ChainCatcher news, Coinbase's L2 network Base has announced the open-source monitoring system Pessimism, aimed at helping to support the security of all OP Stack and EVM-compatible chains. Since the launch of Base, the Coinbase team has been running Pessimism internally to monitor the Base mainnet. Base stated that, in the spirit of contributing to the public good, Pessimism has been open-sourced as free and permissive software with permission from MIT.