$BTC
Bitcoin has fallen for five straight weeks: how far it falls isn’t the point—why it’s falling is
BTC has fallen nearly 35% from its peak of $126,000, at one point plunging to around $80,000.
This time is different: it’s not a retail-leverage collapse, but a systematic retreat in institutional demand. In November, spot ETFs saw net outflows of as much as $2.57 billion, their worst monthly outflow since launch; IBIT shrank by $1.6 billion in a single month. With ETF buying pulled back, the price has lost a structural source of support. BTC’s correlation with the Nasdaq has climbed to 0.80, making it look increasingly like a high-beta tech stock.
The $75,000 level has been repeatedly contested, but “reaching a key level” doesn’t mean “the bottom is confirmed.” The previous two bear markets saw declines of 30%–40%; the current downturn has yet to produce a genuine bottoming signal.
Bottom line: five consecutive weeks of losses have changed not “whether it can rebound,” but “what conditions are needed for a rebound.” Until ETF outflows stop, funding rates turn negative, and the price recovers the previous week’s high on rising volume, $75,000 looks more like a waystation in the sell-off than a bottom to buy blindly. #比特币连续五周下跌
Bitcoin has fallen for five straight weeks: how far it falls isn’t the point—why it’s falling is
BTC has fallen nearly 35% from its peak of $126,000, at one point plunging to around $80,000.
This time is different: it’s not a retail-leverage collapse, but a systematic retreat in institutional demand. In November, spot ETFs saw net outflows of as much as $2.57 billion, their worst monthly outflow since launch; IBIT shrank by $1.6 billion in a single month. With ETF buying pulled back, the price has lost a structural source of support. BTC’s correlation with the Nasdaq has climbed to 0.80, making it look increasingly like a high-beta tech stock.
The $75,000 level has been repeatedly contested, but “reaching a key level” doesn’t mean “the bottom is confirmed.” The previous two bear markets saw declines of 30%–40%; the current downturn has yet to produce a genuine bottoming signal.
Bottom line: five consecutive weeks of losses have changed not “whether it can rebound,” but “what conditions are needed for a rebound.” Until ETF outflows stop, funding rates turn negative, and the price recovers the previous week’s high on rising volume, $75,000 looks more like a waystation in the sell-off than a bottom to buy blindly. #比特币连续五周下跌