Recent data shows Asian trading hours have been providing modest support to Bitcoin during price pullbacks, while U.S. and European sessions exert more downside pressure. On-chain indicators point to neutral to mildly distributive behavior, suggesting that current stability reflects selective dip absorption rather than a broad return of long-term accumulation.

In 2025, crypto dealmaking reached a record as mergers, acquisitions, and listings accelerated despite Bitcoin's pullback from October highs. The sector recorded 267 deals worth $8.6 billion and 11 IPOs raising $14.6 billion, with consolidation driven by regulatory clarity and compliance priorities.

Crypto sentiment has fallen back into the fear zone, with the Fear and Greed Index sitting in the high-20s. Although similar readings have historically aligned with market bottoms, current data on altcoin performance and liquidity indicates a controlled de-risking phase rather than classic capitulation. With altcoin weakness, muted trading volumes, and limited fresh capital, fear alone may not be a strong buy signal in the present cycle.

The S&P 500 index has advanced to a new all-time high of $6,900, extending a rally in U.S. equities, while the global crypto market cap remains capped below $3 trillion around $2.9 trillion. Technical readings show equity momentum staying firm, but crypto indicators point to cooling demand and repeated failures to break the $3 trillion threshold.

Net flows for Bitcoin and Ethereum ETFs have stayed below zero for more than six weeks, signaling softer institutional participation and tighter market liquidity. Daily prints show a – $142.19 million net outflow in BTC products and a $84.59 million inflow in ETH products, alongside lower AUM and prices.

According to Dune Analytics, major Ethereum staking operators have executed large weekly batches of full withdrawals in recent weeks, with peaks between 800,000 and 1.5 million ETH. Despite these spikes, the total staked amount remains above 33 million ETH, with Lido at 24.26%, signaling continued long‑term participation even as flows rotate across providers.

Bitmine Immersion has lifted its Ethereum holdings above 4.06 million ETH, giving it control of about 3.37% of the total ETH supply and making it the largest corporate Ethereum treasury. Its crypto and cash reserves now total $13.2 billion, while spot ETH ETFs have seen shrinking assets and persistent outflows. The firm has added more than 506,000 ETH over the last 30 days and is pursuing a long-term goal of owning 5% of all ETH.

XRP has dropped into Santiment's "fear zone," where strongly negative social sentiment has often appeared near local price bottoms. While trading around the $1.83–$1.87 support band, XRP is showing stabilizing price action and small higher lows on the 12-hour chart. On-chain and technical indicators such as CMF suggest selling pressure is easing and that capital may be starting to flow back into the market, increasing the odds of a near-term bounce.

TRON DAO announced a LayerZero-powered bridge that connects TRX directly to Coinbase’s Base network, giving the token new access to DeFi protocols and liquidity on the L2. TRX is still trading around $0.28 in a tight range below the $0.29–$0.305 resistance area, with weak money flow and no clear bullish breakout yet.