Five straight weeks down—it’s official.
Bitcoin closed the week in the red for the fifth week in a row, grinding down from 86,500 in early October to 75,800. That’s a total drop of about 12% over five weeks. None of the weekly declines looks too scary on its own: -3.3%, -2%, -2.4%, -2.3%, and -3.1%. Just a little drop every week, wearing everyone down. Historically, there have only been two longer losing streaks: eight weeks in 2022, and six weeks early this year.
The real proof is that money is flowing out. Spot ETFs saw net outflows of $1.28 billion this week, their biggest weekly outflow since late June. Bitcoin also touched 74,700 intraday on Friday, its lowest level since August 21.
The market didn’t show much mercy at this morning’s open either, sliding from 75,700 to 73,500. It’s now hovering around 75,000. Five straight down weeks already look bad enough, and now the sixth week has opened with a break below the previous low—is this a bottoming process, or is another leg down still to come?
$BTC $ETH
Bitcoin closed the week in the red for the fifth week in a row, grinding down from 86,500 in early October to 75,800. That’s a total drop of about 12% over five weeks. None of the weekly declines looks too scary on its own: -3.3%, -2%, -2.4%, -2.3%, and -3.1%. Just a little drop every week, wearing everyone down. Historically, there have only been two longer losing streaks: eight weeks in 2022, and six weeks early this year.
The real proof is that money is flowing out. Spot ETFs saw net outflows of $1.28 billion this week, their biggest weekly outflow since late June. Bitcoin also touched 74,700 intraday on Friday, its lowest level since August 21.
The market didn’t show much mercy at this morning’s open either, sliding from 75,700 to 73,500. It’s now hovering around 75,000. Five straight down weeks already look bad enough, and now the sixth week has opened with a break below the previous low—is this a bottoming process, or is another leg down still to come?
$BTC $ETH
