Bitcoin Erases All Post-Election Gains as Market Stays Deep in Risk-Off

Bitcoin has now given back everything it gained after the November 2024 election, closing at $60,658 after a 14-day return of -20.9%. CoinDesk is calling this the worst weekly rout since the FTX collapse, with roughly $390 billion wiped from total crypto market cap. The regime signal remains risk-off for the second consecutive reading. There is no confirmed floor here yet.

Where We Are

The broad picture is straightforward and not pretty. BTC is down 0.1% in the last 24 hours, which looks like stabilization only in comparison to the carnage of recent days. ETH dropped 0.6% and SOL fell 2.0%. The bottom indicator sits at 75/100, flagging what it calls Deep Accumulation territory. That sounds constructive, but this indicator has been early throughout this entire downtrend. It has not called a confirmed bottom, and the data does not support treating it as one now.

What Moved

The top gainers were almost entirely low-cap AI-themed tokens: SKYAI surged 96.5%, ALLO gained 74.2%, BLUAI added 32.7%. Moves of this size in micro-caps during a risk-off regime are speculative noise, not a signal of broad market health. On the losing side, OPN collapsed 41.8% and WLD dropped 20.9%. Zcash fell 5.9%, which connects to a headline this week about AI being used to surface tech vulnerabilities, with ZEC specifically named. ONDO and NEAR each lost roughly 5%.

What the Headlines Are Telling Us

• Bitcoin is being described as its most oversold since the March 2020 crash. Oversold conditions can persist or deepen before any reversal.
• America's largest banks are reportedly building a joint digital currency network, framed as a response to deposit outflows. That is a slow-moving structural story, not a near-term catalyst.
• Meta is paying creators in stablecoins, but the headline notes that actually spending those stablecoins remains an unsolved problem. Adoption headlines without utility follow-through.
• A Satoshi-era wallet linked to a $285 billion lawsuit moved coins after 14 years. This adds legal and supply uncertainty at a moment when sentiment is already fragile.

What I Am Watching

• Whether BTC can hold the $60,000 level on a closing basis. A decisive break below that round number would likely accelerate selling pressure.
• The macro regime signal. It has been risk-off for two consecutive readings. A shift back to neutral would be the first meaningful sign that conditions are stabilizing.
• Large-cap altcoin behavior. ETH and SOL are still underperforming BTC, which is typical in sustained downtrends. Outperformance by majors would be an early signal worth noting.

Honest Take

The data shows a market in a confirmed downtrend with no bottom signal that has actually held. The bottom indicator is flashing green but has been wrong before in this cycle. Oversold does not mean done going down. Until the regime flips and price action confirms a base, the honest read is: the trend is still down, and caution is warranted.