Jefferies: No Crypto Bottom in Sight, Upside for Fundamentally Strong Tokens

[Para 1: The Lead] Jefferies maintains a cautious stance, seeing few signs of an imminent crypto bottom despite ongoing weakness. The firm highlights continued network activity and selective corporate bitcoin accumulation as indicators that blockchain fundamentals remain intact, while noting broader risk-off sentiment and ETF outflows are key near-term headwinds. [Para 2: Supporting Details] Bitcoin nears $64,800 (down 47% from its October 2025 high of $123,500), and ether is around $1,900 (nearly 60% below cycle highs). More than $2 billion in long liquidations has amplified daily volatility. Centralized exchange trading volumes and decentralized lending activity are stabilizing after recent spikes, with smaller and mid-sized holders more likely to hold rather than exit. [Para 3: Context & Outlook] Jefferies expects longer-term catalysts—regulatory progress, infrastructure maturity, and traditional finance participation—to drive performance divergence among tokens tied to revenue-generating blockchains, supporting upside for those with strong fundamentals.