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Viewpoint: The current market trend differs from previous bear market rallies, and Bitcoin's $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 crypto has dropped about 6% after retesting the 200-day moving average of approximately $82k this month, the low of about $60k in February this year could still be the biggest drawdown of this cycle. K33 research head Vetle Lunde noted that unlike the bear-market rebounds in 2014, 2018, and 2022, this round of the market saw a 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 decline. K33 also said that institutional fund flows still reflect a defensive sentiment. The latest 13F data shows that in the first quarter, institutional investors collectively reduced their holdings by approximately 26,733 units, while retail investors increased holdings by about 19,395 units; among them, neutral-strategy institutions such as Jane Street and Millennium accounted for most of the reductions. In addition, K33 noted that crypto ETFs recently recorded the 9th largest five-day capital outflow since the launch of the U.S. spot ETFs; K33 believes this usually happens when the asset is close to the ETF holdings’ cost basis, reflecting investors’ tendency to cut losses or reduce risk exposure after experiencing a deep drawdown. (Source: ChainCatcher)
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