An interesting scene today: Chinese brokerages are starting to say, “The market bottom has probably been confirmed, and an oversold rebound is underway.” Wall Street was also scrambling to catch a rebound last week, but in crypto, $BTC , $ETH , and $SOL have all plunged into oversold territory, and no one dares to step in.

A reminder: Don’t mistake someone else’s bottom for your own. The A-share market has a stabilizing backstop from Central Huijin, while U.S. stocks are supported by earnings season and buybacks. Every asset class is deleveraging at its own pace. What crypto is missing most right now is precisely that steady buyer—there’s no institutional stabilizer, just retail investors repeatedly getting the itch to trade.

Being oversold only means prices have fallen sharply; it doesn’t mean they’ve hit bottom. The real bottom often comes on the day no one asks, “Is it time to buy the dip?” anymore. How much later do you think crypto will bottom this time compared with the stock market? $ETH $BTC