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DeFi analyst Ignas said on X that posts framing market selloffs as buying opportunities used to surge during past downturns, but such reactions have recently become hard to find, as retail investors once drawn to crypto have shifted to markets such as AI-related stocks, gold and quantum computing plays.
Ignas added that while Bitcoin holding in the $77,000-$80,000 range despite the Binance hack has been cited in multiple X posts as a bullish sign, the more fundamental question is who is doing the buying. Retail investors have left the market, and ETF buyers have also disappeared, Ignas said.
He also said some assets are fortunately showing signs of decoupling from Bitcoin, adding that assets such as Hyperliquid’s HYPE, which has been embraced by traditional finance, and Zcash’s ZEC, which he described as being in the realm of conviction, look attractive.