Woofun AI reports that Wintermute’s latest analysis places the crypto market in the late stage of a bear cycle, with Bitcoin trading below $60,000 and Ethereum weakening in tandem. The firm notes that while sentiment has reached extreme fear levels, with the Fear and Greed Index between 18 and 24, the definitive cycle bottom has not yet materialized.

The report highlights that approximately half of Bitcoin’s circulating supply is currently at an unrealized loss, a characteristic often seen near historical bottoms.

However, liquidity indicators remain weak, evidenced by recent net outflows of roughly $1.8 billion from spot ETFs and stagnant stablecoin metrics. Wintermute projects that seasonal patterns make a summer bottom unlikely, suggesting the true low may emerge between September and October, contingent on macroeconomic shifts and capital reallocation.