The price chart of Bitcoin is nearly perfectly replicating the trajectory of the early 2022 bear market.

This is not just a coincidence of technical analysis.
The key support levels warned by traders have been broken, behind which is a structural shift in capital flows: the AI sector and IPOs are draining liquidity from the crypto market.
Bitcoin ETF weekly outflows reached $3.4 billion, while during the same period, net inflows into U.S. tech sector ETFs were $27 billion—funds are diverging to an extreme in history.
In the 2022 script, the crypto market accelerated its bottoming process amid macro tightening and the Terra collapse.
Today, the macro environment is different, but the strength of capital diversion is even greater.
The certainty of returns brought by the AI narrative is attracting risk capital that originally belonged to crypto.
The risk is that if the support levels are confirmed to be broken, the market could trigger a chain liquidation similar to 2022.
Although open interest in coin-margined contracts is at a new high, the leverage direction diverges from spot prices; once longs are forced to close, the decline could reinforce itself.
History does not simply repeat itself, but betting that "this time is different" requires more substantial reasons.
$btc #ai #DeFi #etf #On-chain Data