
Bitcoin is trading about 52% below its all‑time high, placing it in one of the five deepest drawdowns of the past decade, and history shows recoveries from such levels are slow and require sustained macro improvement. Meanwhile, gold ETFs have overtaken Bitcoin ETFs in cumulative net inflows, signalling a clear shift toward defensive assets. The recent CPI dip is not mirrored by the Fed’s preferred PCE gauge, which remains near 3% and shows no downward trend. Together, these signals suggest a fragile risk environment for crypto assets.

Bitcoin’s current bear market shows no sign of stabilizing, and the typical bottom‑forming signals are missing. While on‑chain activity appears less bearish than price, the participation slowdown is uneven and superficial. The article argues that the apparent resilience is misleading,...

The episode examines how corporate treasuries are influencing Bitcoin's market dynamics amid a prolonged bear phase marked by steady ETF outflows. It highlights that while institutional ETFs are withdrawing capital, public companies now hold significant Bitcoin on their balance sheets,...