CRYPTO BOTTOM IN OR ONE MORE DUMP? BITCOIN, XRP, ETHEREUM, & SOLANA ANALYSIS!

**Brian** (0:00)
Bitcoin sentiment on this red area chart, Ethereum in yellow, and XRP in blue.
Basically, the deeper down the altcoin rabbit hole you go, the more of a bullish bias it has. Only because if you look at altcoins and the talks around them, they're not really mentioned as much as Bitcoin is, unless there's something good to talk about. So you'll always see kind of the resting average be a little higher for Ethereum than it is for Bitcoin, XRP even more so.

**Tony Edward** (0:38)
Hey folks, welcome into The Thinking Crypto Podcast. I'm your host, Tony Edward, and joining me is Brian from Santiment. And as you all know, we're gonna do a deep dive into the on-chain metrics for Bitcoin and many altcoins to get an idea of what's happening in the crypto market. Brian, great to see you.

**Brian** (0:53)
Great to see you, Tony. Markets aren't quite where traders wanna be just yet, but we've seen some glimpses of hope here in early July.

**Tony Edward** (1:02)
Yeah, a lot of folks are, well, what's been top of mind for a lot of folks is, are we near the bottom?
We've seen a significant downside since October 2025 You have some narratives with Sailor and Stretch and the worry there. So possibly, possibly, Brian, the bottom is in, but you never know, it could be one more flush downwards.

**Brian** (1:21)
Yeah, and so far, at least since our last couple talks, when we were already kind of seeing that low 60k level for Bitcoin, we haven't really seen much further damage. The lowest we got was a couple days ago at 58.1k, and then we've quickly rebounded, as we can see here on the data screener, back up to about 61.6k. And it's kind of just staying fairly sideways as a few altcoins try to make attempted runs. But most, as we've seen in previous bear cycles, tend to get hit pretty hard whenever Bitcoin fails to gain this kind of momentum.
So congrats to those who have been in assets like DEX, which is still up another 26% in the past 30 days. I think it's something like 6x over the past couple months. Uniswap is doing well. Aave is doing well. We see Rain and Solana over here doing well. We could talk about Solana maybe briefly during this call. But for the most part, Sea of Red and that's been the trend. Really throughout 2026

**Tony Edward** (2:32)
Yeah, certainly bear market conditions and my hope is we turn the corner sooner than later. As far as sentiment for Bitcoin, what is it looking like since we last took a look at that?

**Brian** (2:46)
Yeah, let's take a look at the ratio of all the positive versus negative comments, which in my mind is the best way to gauge how the sentiment is looking. We're going to zoom in to just the last month for a moment. What I've got here on my screen is Bitcoin sentiment on this red area chart, Ethereum in yellow and XRP in blue.
Basically, the deeper down the altcoin rabbit hole you go, the more of a bullish bias it has. Only because if you look at altcoins and the talks around them, they're not really mentioned as much as Bitcoin is, unless there's something good to talk about. You'll always see the resting average be a little higher for Ethereum than it is for Bitcoin, XRP even more so.
All three right now look to be pretty neutral. I don't see too much of a skew down or up for Ethereum or XRP. Bitcoin's actually jumped up to its highest level in about two, two and a half weeks now. The last time we got this bullish was on June 15th, which was the time you would have wanted to take profit due to the optimism that retail was starting to generate together. I don't think there is quite as much optimism right now, and mathematically that seems to be confirmed, but these green bars here just in the past 36 hours or so have been enough to cheer up the otherwise pretty sullen and muted crypto crowd that's still with us here in the middle of 2026

**Tony Edward** (4:28)
I think everyone is chomping at a bit for some sort of rally, but we're going to have to be patient here because there are other factors, like the stock market showing weakness and things like that, which affect crypto.

**Brian** (4:42)
Right, and we can actually look, because I was checking this out just yesterday, and I'm glad you brought up the stock market, because you do see a bit of a downturn just today, this thin little sliver back down for the S&P as Bitcoin has risen, and this has been something that a lot of crypto traders have been waiting for. We obviously need more of a sample size than just the past couple of days, but so far, we've actually seen a reversal for the first time in a long time where crypto goes up and the S&P is at least temporarily going down. If we back it up, the divergence gets more clear here. But look at how the S&P here in Teal, especially since right around, call it mid-April, they've been on a tear whereas Bitcoin has just tailed off and off.