"Could Bitcoin Have Entered a Bear Market? 🐻 New Data Shows Bitcoin Could Be Experiencing Its Fifth Consecutive Week of Negative Endings. Historically, Bitcoin has never had five consecutive weeks of negative endings except in bear market.
However, the level is slightly lower than the previous bull market. From a peak of around $71,400 in late March, Bitcoin has dropped around 12% to $63,000.
Newly launched Bitcoin ETFs are also under selling pressure. Since January, funds have attracted more than $12 billion, but flows have stagnated over the past month.
We need to remember, however, that investors are not yet reporting their ETF positions in 13F reports. Additionally, engaging advisors can also take time. For example, BITO, the Bitcoin futures ETF, after 30 months of launch, 40% of the invested capital is owned by advisors. 📈"