Despite the drop below $90K intraday, on-chain valuation tools such as CVDD and Balanced Price from Bitcoin Magazine still place longer-term cycle floor estimates in the mid-$40K to ~$80K range. This suggests current levels are well above historically observed bear-market lows, though shorter-term sentiment has clearly turned cautious.
Ethereum and Solana underperform on risk shedding and treasury unwinds
ETH near $3,083 (-4.8%) and Solana around $132 (-3.4%) are lagging Bitcoin as investors de-risk from higher-beta smart-contract platforms. CoinDesk notes that listed ‘treasury plays’ tied to ether and Solana have been hit particularly hard when BTC sells off, reinforcing the downside beta in these ecosystems.
XRP dips modestly despite structural DeFi and banking tailwinds
XRP trades near $2.01, down about 1.4%, underperforming BTC but holding up better than ETH and SOL. CoinDesk reports Hex Trust’s launch of wrapped XRP on Solana, Ethereum and other chains and Ripple’s conditional U.S. trust bank approval, both of which expand XRP’s DeFi reach and regulatory standing, helping cushion the pullback.
Macro backdrop: Dovish Fed and softer dollar support hard assets, not crypto
The Fed’s third 25 bp cut and plans to buy $40B/month in T‑bills have weakened the dollar toward two‑month lows and fueled expectations of further easing in 2026 (Trading Economics, FXStreet, Reuters). This has propelled gold back toward record highs above $4,300/oz and kept copper elevated, while crypto has decoupled short term as investors rotate toward metals and away from speculative tech and digital assets (Investing.com).
Strategy Inc (MSTR) highlights equity-crypto crosscurrents
MicroStrategy’s successor, Strategy Inc, is trading around $183 and acting as a high-beta BTC proxy as index providers weigh whether its Bitcoin-heavy balance sheet should disqualify it from the Nasdaq 100 and certain MSCI benchmarks, per Reuters and TS2.Tech. Analysts warn that a potential removal could force roughly $1.6 billion in passive outflows, amplifying the impact of Bitcoin swings on crypto-equity valuations.
Bitcoin hovers near $90K after Fed cut, stays rangebound
BTC is around $89.9K, down ~2.8% on the day, as traders digest the Fed’s third 25-bps rate cut and cautious guidance. Articles from Investing.com, Bloomberg and CoinDesk note that easier policy and a softer dollar have not yet translated into a clean upside breakout, with volatility and momentum both subdued.
Altcoins mirror Bitcoin’s drift, with recent gains fading
Ethereum (~$3,070, -5.2%), XRP (~$1.99, -2.4%) and Solana (~$133, -2.5%) are giving back part of Friday’s Fed-driven bounce highlighted by Investing.com and Kitco. Earlier in the session, SOL had outperformed with a 6% jump while ETH and XRP were modestly green, but that strength has rotated into a synchronized pullback alongside BTC.
Macro backdrop: dovish Fed supports metals more than crypto
The Fed’s cut and new $40B/month T-bill purchases have driven gold near $4,275/oz and silver to record territory, according to Investing.com and TradingEconomics. Lower real yields and a weaker dollar are clearly benefiting precious and industrial metals, while Reuters and CoinDesk emphasize that crypto remains under pressure as investors favor traditional safe havens and equities.
Derivatives and ETF flows keep crypto sentiment cautious
CoinDesk and Coinbase data point to prior weeks’ heavy BTC and ETH ETF outflows, large derivatives liquidations, and a ‘volatility meltdown’ that have left retail sidelined and whales as marginal buyers. This overhang, plus ongoing fears around crypto-treasury stocks like MicroStrategy flagged by Reuters, is limiting the impact of the Fed cut on spot prices.
Token-specific narratives: XRP DeFi expansion, memecoins stall
CoinDesk notes wrapped XRP arriving on Solana and Ethereum, expanding Ripple’s footprint into DeFi just as XRP pulls back with the broader market. At the same time, Dogecoin is stuck near $0.14 with Coindesk highlighting that even aggressive Fed easing has failed to ignite a fresh memecoin rally, underscoring how macro fatigue is capping speculative appetite.