Sellers are getting exhausted, but have not reached levels we saw in past bitcoin:native bear markets.
According to the Seller Exhaustion Constant (30d), the historical bottoming signature has not confirmed yet.
We continue to monitor for selling to stall further.
Over the last 90 days the S&P 500 rose 5% while Bitcoin fell 20%. The last 7 days show the same pattern.
Until Bitcoin reclaims strength against the indices, this remains an equity-led tape.
Notably, the NASDAQ is lagging behind other major indices indicating an unfavorable environment for tech-heavy portfolios.
$BTC has stabilised near $65k, with stronger taker demand, robust institutional inflows and easing downside hedging. However, subdued spot liquidity and weak on-chain activity suggest the recovery remains tentative.
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