Recently, I took a look at the cryptocurrency market, and this wave of selloff is really quite intense. AI panic has spread from tech stocks to the entire financial market, with U.S. market capitalization wiping out $1 trillion in a single day. Titans like Apple and Amazon have all fallen across the board. Investors are no longer thinking about who will win—they’re worried about which industries AI will wipe out.

Bitcoin is currently trading in the $81.87K range. Although it’s down a lot compared to last year, many analysts are discussing bottom support levels. Ethereum has suffered even worse, now at $2.34K, breaking through many people’s psychological price points. The Fear and Greed Index shows the market is in extreme panic, and the entire crypto sector is falling—Solana is also down to $97.77.

What’s interesting is that although a certain large exchange is accumulating Bitcoin, its financial report shows a net loss of $667 million. These contradictory signals make the market even more perplexed. That said, I do see some project teams still getting things done at a time like this. For example, Aave Labs has proposed transferring protocol revenue to a DAO, and the government of Bhutan is also moving Bitcoin assets.

Now the question is whether this downturn can rebound like last year’s Spring Festival. Based on on-chain data, miners’ shutdown prices are between $69K and $85K. If prices break below these support levels, there could be an even larger adjustment. Many analysts predict the bottom will take a long time to form, but others believe the market is already in a historically strong buying zone. Whether the crypto market can welcome “spring” ultimately depends on whether the Federal Reserve’s interest-rate policy and broader macro conditions can stabilize.