Bitcoin is entering its fifth negative weekly close. Throughout history, Bitcoin has never closed in the red for five consecutive weeks outside of a bear market. 📉 The decline throughout April is mild compared to previous bull markets. Bitcoin has fallen by at most 20% this cycle. The 2017 bull market saw multiple declines of 20% to 30%. 📊

The spread of Bitcoin selling pressure to the newly launched Bitcoin spot ETFs surprised many. ETFs have absorbed over $12 billion in net inflows since January, but those flows have stagnated over the past month.

Macro investment analyst Jim Bianco believes that the dominant buyer of Bitcoin ETFs is “degenerate retail.” This means investors will "run away at the first sign of trouble." But Bloomberg ETF analyst Eric Balchunas noted that most investors have not yet reported their ETF holdings in 13F filings.