Coinbase CEO Brian Armstrong sparked a debate over the direction of Bitcoin on July 14 after asking X users if the OG cryptocurrency had already hit the market bottom.
The poll quickly racked up thousands of votes and a wave of comments, with the community almost evenly split between supporters and opponents.
Crypto X split down the middle in poll
It all started with a simple question Mr. Armstrong posed to X earlier today. “Is the bottom in?” The Coinbase chief also clarified in a follow-up post that the investigation was specifically about Bitcoin.
“Perpetual futures trading, stablecoin payments, prediction markets, and tokenized real-world assets are just growing,” he said.
As of this writing, approximately 31,000 people have voted and over 648,000 X users have viewed the post, with 55.6% of those who voted saying “no” and 44.4% saying “believe.” $BTC It had already hit rock bottom.
The replies were divided into the same opinions as the votes, and one user, AI developer Ilan Rachmanov, completely agreed, tweeting, “Opinion: We’ve reached the bottom.”
Meanwhile, ChainLeak founder Joshiwa Roomsburg claimed that the poll has become a “market map” and that Armstrong’s comments show where crypto adoption is expanding across the globe. $BTC itself.
Some of them are Market watcher Our Crypto Talk disagreed with the bottom, but said it was “very likely.” $BTC I’m going It will once again fall back into the $50,000 to $55,000 range before a full-fledged recovery occurs.
Some, like crypto educator Rob Art, focus squarely on percentages and say that at historic lows, $BTC has declined by 93%, 84% and 77%, but is currently just over 50% below its all-time high in October 2025, and needs to reach about 65% to follow the pattern he noted since 2014.
On-chain data paints a more balanced picture
Although opinions remain divided, recent on-chain analysis shows that the market is very different from the overheated conditions seen during the 2025 bull market.
XWIN Japan’s July 14 report focuses on four widely followed CryptoQuant metrics: MVRV Ratio, Net Unrealized Gain and Loss (NUPL), Realized Price, and Puel Multiple.
According to the latest information, these indicators suggest that Bitcoin is no longer in a euphoric phase, with valuations cooling and investor optimism waning, short of complete capitulation. We also showed that market activity appears to be more consistent with consolidation and accumulation.
This valuation is largely in line with Bitcoin’s recent price movements. Despite selling pressure related to a flare-up in the conflict involving Iran and the United States and earlier concerns about Strategy’s Bitcoin sales, the cryptocurrency rebounded to around $63,000 and rose to nearly $61,000 on Monday.
Whether these rebounds signal the beginning of a sustained recovery or just a pause in a broader bear market is still an open question, but so far Armstrong’s poll shows there is little consensus among even the most enthusiastic crypto participants.
