#BTC Bitcoin has just completed something that has happened only 3 times in 9 years.
It wasn’t a crash, but five straight weeks of losses: sliding from around $87,000 to around $76,500, for a cumulative drop of about 12%. Yet the biggest weekly loss was only 3.3%, with no real panic selling.
Weekly closing prices kept falling: $86,507 → $83,678 → $82,007 → $80,053 → $78,231. This morning, the price was around $75,244, below this week’s opening price of $78,232, confirming a fifth consecutive red weekly candle.
Institutional flows are driving this slow decline: U.S. spot Bitcoin ETFs saw net outflows of $1.28 billion last week, their biggest weekly outflow since late June. All of this year’s cumulative inflows have been erased, turning into net outflows of $914.1 million. On Friday alone, BlackRock’s IBIT saw outflows of $403 million.
But sentiment has stabilized first: the Fear & Greed Index rose from 25 to 28, moving out of “extreme fear” territory. Friday’s low of around $74,700 has held so far, and the 200-day moving average is around $73,200.
For spot holders: these five weeks haven’t been a single sell-off so much as institutions trimming their positions week by week. There’s been no sharp plunge, but buyers haven’t returned either. For those waiting on data: U.S. October CPI is due Tuesday at 21:30 Beijing time—the first data release after this slow decline that could break the pattern.
After CPI, do you think the first thing to watch is whether Bitcoin can hold above $76,000, or whether $74,700 will hold?
It wasn’t a crash, but five straight weeks of losses: sliding from around $87,000 to around $76,500, for a cumulative drop of about 12%. Yet the biggest weekly loss was only 3.3%, with no real panic selling.
Weekly closing prices kept falling: $86,507 → $83,678 → $82,007 → $80,053 → $78,231. This morning, the price was around $75,244, below this week’s opening price of $78,232, confirming a fifth consecutive red weekly candle.
Institutional flows are driving this slow decline: U.S. spot Bitcoin ETFs saw net outflows of $1.28 billion last week, their biggest weekly outflow since late June. All of this year’s cumulative inflows have been erased, turning into net outflows of $914.1 million. On Friday alone, BlackRock’s IBIT saw outflows of $403 million.
But sentiment has stabilized first: the Fear & Greed Index rose from 25 to 28, moving out of “extreme fear” territory. Friday’s low of around $74,700 has held so far, and the 200-day moving average is around $73,200.
For spot holders: these five weeks haven’t been a single sell-off so much as institutions trimming their positions week by week. There’s been no sharp plunge, but buyers haven’t returned either. For those waiting on data: U.S. October CPI is due Tuesday at 21:30 Beijing time—the first data release after this slow decline that could break the pattern.
After CPI, do you think the first thing to watch is whether Bitcoin can hold above $76,000, or whether $74,700 will hold?
