Whether Bitcoin Has Bottomed: Coinbase CEO Launches a Poll, Industry Opinions Severely Split

On July 15, Coinbase CEO Brian Armstrong launched an online poll on the social platform X, asking netizens whether Bitcoin has already confirmed the market bottom. The topic quickly triggered a broad debate across the crypto industry, and market participants have not yet been able to reach a fully unified judgment.

The poll was specifically aimed at Bitcoin. In a comment below Armstrong’s post, he said that niche tracks such as perpetual futures, stablecoin payments, prediction markets, and tokenization of real-world assets are still continuing to expand.

The poll attracted more than 30,000 users in total, and the post garnered over 713,000 views. Among voters, 55.6% said Bitcoin has not bottomed out yet, while 44.4% of investors judged that the market has already bottomed. The comments section also showed a clear split in viewpoints.

Some market participants support the view that the bottom has already appeared, while many analysts remain pessimistic and forecast that Bitcoin is likely to fall back again into the $50,000 to $55,000 range.

There are also insiders who, based on historical cycle data comparisons, pointed out that in this round the drawdown of Bitcoin from the October 2025 historical peak is only a little over 50%, not reaching the typical bear-market bottom retracement standards of 77% to 93%. As a result, it is hard to say the bottom is in the short term.

Despite the obvious divergence in market views, on-chain data is showing relatively neutral signals. On Tuesday, XWIN Japan observed four key core indicators from CryptoQuant:

That is, the MVRV ratio, net unrealized profit/loss (NUPL), realized price, and the Puell multiple analysis found that,

Bitcoin has already moved out of the euphoric rally phase. Market valuation has cooled and investors’ optimistic sentiment has waned, but there are still no bottoming characteristics of a full-scale panic selloff.

In terms of price action, Bitcoin has previously been weighed down by negative factors such as the escalation of the U.S.-Iran conflict and Strategy’s reduction in Bitcoin holdings. Bitcoin had at one point fallen to around 58,000 dollars, and recently rebounded modestly to the 65,000-dollar range, helped by factors such as favorable CPI data.

In summary, it is still unclear whether this rebound will be a sustained reversal or merely a brief pause mid-bear market.

And Armstrong’s poll results also directly reflect the huge disagreement among participants in today’s crypto market. The market is waiting for a new catalyst to clarify the next direction.

#Has Bitcoin Bottomed