Bitcoin's Fifth Consecutive Weekly Loss: A Bearish Signal‼️
Bitcoin is potentially facing its fifth consecutive negative weekly close, historically associated with bear markets. Despite mild April drawdowns compared to previous bull markets, concerns arise as selling pressure extends to newly launched Bitcoin spot ETFs. Lead analyst James Check notes a maximum 20% decline from the recent high, contrasting with the 2017 bull market's deeper drawdowns. Outflows from Grayscale Bitcoin Trust exceed inflows to all other Bitcoin ETFs combined, prompting analyst Jim Bianco to suggest 'degen retail' investors as dominant buyers, seen as a bearish sign. However, Bloomberg's Eric Balchunas highlights slow advisor involvement, with BITO, the Bitcoin futures ETF, owning only 40% advisor-held investment after 30 months on the market.
