Bitcoin slips to $70,000… DWF Labs: "Near the bottom"

DWF Labs, a crypto-specialist market maker (MM), said it sees bitcoin (BTC) prices as nearing a bottom.

Andrei Grachev, co-founder of DWF Labs, wrote on X on the 5th (local time) that the “(crypto) market is very close to the bottom.” Grachev added that “based on the current bitcoin price, there could be additional volatility of around 15%.”

Bitcoin is trading in the $71,000 range on CoinMarketCap, down nearly 6% from the previous day. At one point during the session, the price slid into the low-$70,000s.

Grachev stressed that this “does not mean (the bottom) will go straight into a bull market.” He said “(this price range) is a zone that encourages capital inflows into the market,” adding that “institutional investors are still deploying capital, and investment is also active in real-world assets (RWA) and projects with big, bold visions.” He added, however, that “there is almost no inflow of buy-side funds in the spot market.”

He also touched on M&A trends in the crypto industry. Grachev said that “M&A activity is very active beneath the surface,” and that “some companies with a certain level of revenue are preparing to go public.” He added that “long-term growth in the crypto industry is not a question of ‘possibility,’ but a question of ‘time,’” and that “the key question is ultimately who survives.”