DeFi researcher Ignas said the current crypto downturn looks different from past pullbacks, with the familiar "buy the dip" calls now far less visible across social platforms. While some market participants see Bitcoin holding the $77,000 to $80,000 range as a constructive sign, he argued that many traders are already heavily positioned and are more willing to wait for confirmation of a rebound than step in during panic selling.
Ignas pointed to a small group of assets that appear to be trading on their own drivers rather than moving in lockstep with Bitcoin. He cited HYPE as an example of an asset decoupling from BTC, and said tokens such as ZEC, which he described as conviction-driven, as well as revenue-linked assets like HYPE, still retain appeal in the current market.
At the same time, he said potential buying power remains limited. Retail investors that had previously favored crypto are now being pulled by volatility in AI stocks, gold and quantum computing-related assets. He also noted that crypto ETF flows over the past 30 days have turned net negative.
DeFi researcher Ignas said the current market sell-off has been accompanied by a noticeable drop in the once-common "buy the dip" calls on social platforms.
According to Ignas, some market participants still view Bitcoin holding the $77,000 to $80,000 range as a bullish sign. Even so, he said many crypto traders are likely already carrying large token positions, and some investors would rather wait for price strength to be confirmed than buy into panic.
He added that assets such as HYPE, which have decoupled from Bitcoin's price action, still look attractive. He also pointed to ZEC as a "conviction token," and described HYPE as part of the group of revenue-generating assets that continue to draw interest.
Ignas also said potential buying demand is currently weak. Retail investors that previously favored crypto are being affected by volatility in AI stocks, gold and quantum computing-related assets, while crypto ETF flows over the past 30 days have shifted to net outflows.
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