On-chain analysis firm CryptoQuant states that Bitcoin's current trend is similar to the bear market phase in March 2022, with market sentiment having re-entered the "extremely bearish" zone. The report says that Bitcoin's recent rebound was blocked near the 200-day moving average around $82.4k, then fell back to around $76k, a pattern similar to the "rebound followed by a decline" in the 2022 bear market. CryptoQuant points out that Bitcoin demand has shifted to contraction, with speculative demand for perpetual contracts significantly slowing, and the US spot Bitcoin ETF has also turned into net selling; at the same time, Coinbase Bitcoin premium remains negative, indicating that US institutional and retail funds have not yet clearly flowed back into the market. (The Block)

BTC1.7%
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L2NightCourier
· 6h ago
Is this line at 82.4k so strong? The script for 2022 was the wrong one.
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ForkItAnyway
· 7h ago
How long has Coinbase premium been negative? Are institutions really not worried or just pretending to be dead?
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RugcheckRoommate
· 7h ago
Perpetual contract cooling down isn't necessarily a bad thing; leveraging washouts can lead to a healthier market.
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There'sABullMarketInTheGlass.
· 7h ago
How long has the negative premium lasted, and the institutions really haven't come back at all
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StrollingOnTheEdgeOfTheDao
· 7h ago
In the extremely bearish zone, the contrarian indicator is about to activate again.
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WaitingForConfirmationUnderThe
· 7h ago
The 200-day moving average acts as a ceiling; the bulls need a new narrative.
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RetroKeysAndPositions
· 7h ago
This comparison is a bit forced; in March 2022, the Federal Reserve was still aggressively raising interest rates.
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RugPullEnjoyer
· 7h ago
If 76k can't hold up, the next script starts with 6
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ArbitrageIsn'tAsGoodAsGetting
· 7h ago
ETF net selling, did Grayscale dump the market again?
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AirdropUnderTheNeonBridge
· 7h ago
History doesn't simply repeat itself, but it certainly rhymes and can be a headache.
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