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Perspective: The current market trend differs from previous bear market rebounds, and Bitcoin at $60k may already be the bottom of this cycle.

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ME News, May 20 (UTC+8) — ME News, May 20 (UTC+8) — Crypto research firm K33 said that although Bitcoin has retreated by about 6% after retesting the 200-day moving average of roughly $82,000 this month, the low near $60,000 in February this year could still be the largest drawdown of this cycle. K33 Research Head Vetle Lunde noted that unlike the bear-market rallies in 2014, 2018, and 2022, the current market has undergone a prolonged, slow repair lasting 189 days after falling below the 200-day moving average, and market leverage and risk appetite have not been rebuilt quickly. Therefore, the current trend looks more like a mild correction rather than a sign of a new round of deep declines. K33 also said that institutional capital flows still show defensive sentiment. The latest 13F data shows that institutional investors collectively reduced their holdings by approximately 26,733 BTC in the first quarter, while retail investors increased their holdings by about 19,395 BTC; among them, neutral-strategy institutions such as Jane Street and Millennium accounted for most of the sell-down. In addition, Bitcoin ETF s have recently recorded the ninth-largest five-day capital outflow since the launch of U.S. spot ETFs, and K33 believes this typically happens when BTC is close to the cost basis of ETF holdings, reflecting investors’ tendency to cut losses or reduce risk exposure after experiencing a deep pullback. (Source: ChainCatcher)
BTC0.40%
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