Ripple’s CEO Throws Shade at Leveraged Bitcoin Bulls as Crypto’s Bear Market Bites

Crypto’s favorite pastime, blaming leverage for everything, just got a fresh endorsement from Ripple’s CEO. Brad Garlinghouse, never shy about throwing elbows, told news.bitcoin.com that while he’s bullish on bitcoin, he wants nothing to do with the leveraged antics of Michael Saylor’s crowd. The subtext is clear: the crypto market’s latest drawdown has a villain, and it’s not the regulators or the macro backdrop. It’s the leverage junkies who can’t resist pushing the risk pedal to the floor.

This isn’t just another round of finger-pointing. The numbers are brutal. Bitcoin is down nearly 50% from last year’s highs, languishing under $70,000 and making even the most die-hard HODLers question their faith. Ripple’s CEO is quick to distance himself from the carnage, arguing that excessive leverage, not fundamentals, is to blame for the relentless selling. Meanwhile, Jeremy Grantham is out here calling bitcoin a "useless speculative asset" and warning of a long-term decline. If you’re looking for a bullish narrative, you won’t find it in the headlines.

But let’s not pretend this is all about leverage. The crypto market is facing a perfect storm: regulatory crackdowns, scam losses (see San Antonio’s $39 million Bitcoin ATM scam), and a steady drumbeat of bearish commentary from legacy finance. Even Cathie Wood, the eternal optimist, is now arguing that capital flight from unstable economies might be the only thing that can spark the next rally. That’s not exactly a vote of confidence.

The context here is ugly, but not unprecedented. Crypto has always been a boom-and-bust game, and the current bear market is just the latest chapter. What’s different this time is the sheer scale of the leverage unwind. The days of 100x perpetual swaps and YOLO margin calls are (allegedly) behind us, but the damage is done. Liquidations have wiped out billions, and the market is still searching for a bottom. The regulatory environment is getting harsher, with cities like San Antonio mandating fraud warnings on every Bitcoin ATM. Even the DeFi crowd is feeling the heat, as exploits and hacks continue to drain capital and confidence.

If you’re looking for a silver lining, it’s that the market is finally being forced to grow up. The days of unchecked leverage and Wild West trading are numbered. Institutional players are demanding more transparency, better risk controls, and real utility. Ripple’s partnership with SBI Holdings to launch a stablecoin in Japan is a sign that the industry is evolving, even as the price action remains brutal.

Strykr Watch

The Strykr Watch for bitcoin are clear: $70,000 is now formidable resistance, with support lurking in the mid-$60,000s. A break below $65,000 opens the door to a deeper flush, while a sustained move above $70,000 could spark short covering. Watch funding rates and open interest for signs of leverage returning, if perp premiums start to spike, expect another round of forced liquidations. Altcoins are even uglier, with most down 60-80% from their highs and showing no signs of life. The DeFi sector is on life support, and even the narrative darlings are struggling to attract fresh capital.

Traders should keep an eye on regulatory headlines and on-chain data. If stablecoin flows start to pick up, it could signal a rotation back into risk. But for now, the market is in defensive mode, and rallies are being sold. RSI readings are deeply oversold on most majors, but that’s been the case for weeks. Until leverage is fully flushed, expect choppy, directionless price action.

The risks are obvious. Another major exploit or regulatory crackdown could trigger a fresh wave of selling. If bitcoin loses $65,000, there’s little support until the low $50,000s. The risk of a cascading liquidation event remains high, especially if funding rates turn negative and traders get squeezed. And if capital flight fails to materialize, the bullish case could evaporate entirely.

But there are still opportunities for the nimble. Shorting failed rallies with tight stops has been the only game in town, and that’s unlikely to change until the market proves it can hold a bid. For the brave, buying capitulation wicks below $65,000 with stops just below support could offer asymmetric upside. And if stablecoin inflows pick up, a rotation into quality DeFi names could be in the cards.

Strykr Take

This is what a real bear market looks like: relentless selling, failed rallies, and a chorus of critics. The leverage unwind isn’t over, but the survivors will be stronger for it. The next bull run will be built on discipline, not dreams.

Published: 2026-06-28 00:45 UTC