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Viewpoint: The current market trend is different from previous bear market rallies. Bitcoin at $60k may already be the bottom of this cycle.

MeNews
ME News reported on May 20 (UTC+8), ME News reported on May 20 (UTC+8), crypto research firm K33 stated that although Bitcoin retested the 200-day moving average around $82k this month and has since fallen about 6%, the low around $60k in February this year could still be the maximum drawdown of this cycle. K33 research head Vetle Lunde pointed out that unlike the bear market rallies in 2014, 2018, and 2022, this market experienced a slow recovery lasting 189 days after breaking below the 200-day moving average, and market leverage and risk appetite did not rebuild quickly. Therefore, the current move looks more like a mild correction rather than a precursor to a new deep decline. K33 also noted that institutional fund flows still reflect a defensive sentiment. The latest 13F data shows that institutional investors reduced their holdings by a total of 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 contributed the majority of the reduction. In addition, Bitcoin ETFs recently recorded the 9th largest five-day outflow since the launch of U.S. spot ETFs. K33 believes that this typically occurs when BTC is near the cost basis of ETF holdings, reflecting investors’ tendency to cut losses or reduce risk exposure after deep drawdowns. (Source: ChainCatcher)
BTC-0.47%
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