Jefferies sees few signs of a crypto bottom yet flags upside for tokens with fundamentals

Bank says institutional de-risking continues, but resilient network activity and growing TradFi adoption could lift revenue-linked assets over time What to know : Jefferies says the latest crypto selloff shows little evidence of an imminent bottom, even as bitcoin and ether trade near levels that have previously attracted dip buyers. The bank characterizes the downturn as a liquidity-driven, risk-off correction rather than a collapse in blockchain fundamentals, citing steady network usage and selective corporate bitcoin accumulation. While warning that selling by large holders and spot ETF outflows remain near-term headwinds, Jefferies expects longer-term catalysts such as regulatory progress and traditional finance participation to spur more selective gains in revenue-linked tokens rather than a broad market rebound.