Foreign media commentators noted that cryptocurrency market sentiment has plummeted to extreme fear, with the Fear & Greed Index at 13. Bitcoin is hovering around $60,000, having fallen 22% in the first half of 2026; Ethereum alone dropped 29% in the first quarter, and most altcoins have weakened in tandem.
The article argues that, based on past bear market cycles of 8 to 12 months, this correction may have already passed its midpoint, with a market recovery window potentially appearing later in 2026. However, the article also emphasizes that whether risk appetite can recover depends on whether Bitcoin first ends its downward trend and stabilizes.
Hyperliquid bucks the trend and strengthens.
Amidst overall market pressure, the decentralized perpetual contract platform Hyperliquid recently hit a new all-time high, significantly outperforming the broader market. The article mentions that the platform's daily open interest has reached billions of dollars, and Bitwise, 21Shares, and Grayscale have all launched ETFs related to this product.
The commentary states that the market is currently focused on a support level around $56; if Bitcoin continues to weaken, Hyperliquid may return to the $38 to $44 range, becoming a point for reassessment by investors.
AI tokens are still considered a strong theme.
The article lists AI narratives as one of the relatively stable directions in the crypto market. Bittensor is currently back around $180 to $190, close to a multi-year support zone; Venice has risen by about 500% over the past year and is currently looking for support around $15; Render has fallen back to around $1.60.
The article mentions that if the market continues to correct, analysts are watching for lower price ranges: Venice is expected to reach $8 to $10, and Render around $1.30. The article's core assessment is that while AI tokens have also retreated with the market, they still maintain strong thematic attention compared to other sectors.
RWA and Aerodrome are also on the watch list.
Besides the AI sector, the article also mentions RWA and related tokens in the Base ecosystem. Aerodrome has fallen by about 30% in the past month, and its price is approaching the range before the rebounds following the two previous periods of extreme panic. The article suggests that if the protocol expands to Circle's newly launched Arc blockchain and Ethereum in July, it could generate new demand for the token.
Regarding RWA, Ondo and Canton have also been added to the watchlist. The article states that both are approaching key support levels of $0.25 to $0.30 and $0.14 to $0.15, respectively. Commentators believe that tokenization may remain a key theme in the next market recovery.
Overall, this commentary does not conclude that the market has bottomed out. The article emphasizes that other tokens are unlikely to experience sustained upward movement until Bitcoin stabilizes; however, during periods of extreme market downturn, some strong sectors and relatively resilient projects have begun to come under market scrutiny.
