Foreign media comment that crypto market sentiment has fallen into the extreme fear zone, with the Fear & Greed Index at 13. Bitcoin is trading near $60,000, down 22% year-to-date for the first half of 2026; Ethereum has dropped 29% just in the first quarter, with most altcoins following suit.
The article suggests that, based on historical bear market cycles of 8 to 12 months, this correction may already be halfway through, with a potential market recovery window appearing in the latter part of 2026. However, the article also emphasizes that whether risk appetite can rebound still depends on whether Bitcoin first completes its decline and stabilizes.
Hyperliquid strengthens against the market trend
Amid broader market pressure, the decentralized perpetuals platform Hyperliquid has recently reached all-time highs, significantly outperforming the broader market. The article notes that the platform’s daily open interest has reached billions of dollars, and Bitwise, 21Shares, and Grayscale have all launched ETF offerings related to its products.
The commentary notes that the current market support is around $56; if Bitcoin continues to weaken, Hyperliquid could revert to the $38 to $44 range, serving as a level for capital reassessment.
AI tokens are still considered a strong mainstream trend.
The article lists AI narratives as one of the relatively stable directions in the crypto market. Bittensor has returned to the vicinity of $180 to $190, near its multi-year support zone; Venice has risen approximately 500% over the past year and is currently finding support around $15; Render has retraced to around $1.60.
The article notes that if the market continues to adjust, analysts are monitoring lower price ranges: Venice at $8 to $10 and Render around $1.30. The core assessment is that, although AI tokens have also retraced with the broader market, they still maintain stronger thematic attention compared to other sectors.
RWA and Aerodrome are also on the watchlist.
In addition to the AI sector, the article also mentions RWA and Base ecosystem tokens. Aerodrome has declined approximately 30% over the past month, with its price now approaching the range seen prior to two previous rebounds following 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.
In the RWA space, Ondo and Canton are also on the watchlist. The article notes that both are nearing key support zones of $0.25 to $0.30 and $0.14 to $0.15, respectively. The commentary suggests that tokenization may remain one of the key themes in the next market recovery.
Overall, this review does not conclude that the market has hit bottom. The article emphasizes that, before Bitcoin stabilizes, other tokens are unlikely to sustain an upward trend; however, during this period of extreme pessimism, certain strong sectors and relatively resilient projects have begun to attract market attention.