According to Eric Balchunas, the recent Bitcoin selloff was initially thought to be connected with a hack or stock market struggles. However, he emphasizes the need to reconsider these factors and suggests that market sentiment is now influencing Bitcoin's performance. He indicates that public opinion, often swayed by media figures, may play a significant role in trading actions (source: Twitter/@EricBalchunas).

According to Eleanor Terrett, a crypto asset manager believes the crypto market consists of three cohorts: crypto enthusiasts and traders, institutional investors, and casual investors. These groups react differently during market selloffs, impacting trading strategies and market dynamics.

According to Greeks.Live, the overall market sentiment is predominantly bearish as Bitcoin (BTC) has broken below the $90K mark, indicating a significant selloff. Traders are closely monitoring support levels at $88K for potential stabilization points.

According to Eric Balchunas, $SPY is up 50 basis points in pre-market trading. However, traders should remain cautious due to a historical pattern of selloffs following Philadelphia sports championships, as seen after the 2018 Super Bowl, which coincided with the 'Volmageddon' market event.

According to Michaël van de Poppe, a notable selloff in altcoin markets is observed, which could be linked to anticipated events such as CPI and PPI releases or Trump's inauguration.