Armstrong’s poll shows how uncertain traders are, with the Bitcoin community offering no clear consensus on whether or not the bottom has been reached.
Coinbase CEO Brian Armstrong sparked a debate over Bitcoin’s direction on July 14 after asking X users if the OG cryptocurrency had already hit its market low.
The poll quickly attracted thousands of votes and a flurry of comments, with the community split almost evenly between yes and no votes.
Poll splits Crypto X down the middle
It all started with a simple question Armstrong asked on X earlier today: “Is the bottom there?” » The head of Coinbase also clarified in a follow-up article that the investigation was focused specifically on Bitcoin.
“Perpetual futures trading, stablecoin payments, prediction markets, and real-world tokenized assets are only growing,” he said.
At the time of writing, almost 31,000 people had voted and over 648,000
Responses were also split along the same lines as the vote, with one user, AI developer Ilan Rakhmanov, strongly agreeing, tweeting: “Opinion: Rock bottom has been reached.”
Meanwhile, ChainLeak founder Joshuwa Roomsberg argued that the survey had become a “map of the market” and that Armstrong’s comments indicated an industry where crypto adoption is expanding beyond BTC itself.
Some of them who disagreed that the background was included in the market watcher. Our Crypto Talk, which said there is a “very good chance” that BTC will disappear returning to the $50,000 to $55,000 range once again before a real recovery occurs.
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Others, like crypto educator Rob Art, focused directly on the percentages, saying that at past lows the BTC price fell 93%, 84%, and 77%, while it is currently just over 50% below its October 2025 all-time high and would need to be around 65% to follow the pattern he pointed out has been in effect since 2014.
On-chain data paints a more balanced picture
Although opinions remain divided, recent on-chain analysis indicates a market that looks very different from the overheated conditions seen during the 2025 bull run.
A July 14 report from XWIN Japan highlighted four widely followed CryptoQuant indicators: MVRV ratio, net unrealized profit/loss (NUPL), realized price, and Puell multiple.
According to the update, these metrics suggest that Bitcoin is no longer in a euphoric phase, with cooling valuations and investor optimism fading without achieving outright capitulation. It also showed that market activity appears more consistent with consolidation and accumulation.
This assessment largely matches Bitcoin’s recent price behavior. Despite selling pressure from the renewed conflict between Iran and the United States and earlier concerns over Strategy’s Bitcoin sales, the cryptocurrency has rallied back to nearly $63,000, after ending up near $61,000 on Monday.
Whether these rebounds will mark the start of a lasting recovery or simply another pause within the broader bear market remains open, but for now, Armstrong’s poll shows there is little consensus even among the most engaged crypto participants.
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