Bitcoin ETFs Experience Downturn: Is it Bear Season for BTC?

• Recent statistics from Bitcoin (BTC) spot ETFs may signal an entry into a bear season.
• Bitcoin has entered its fifth consecutive negative weekly close as of Monday.
• Historically, Bitcoin has never closed five weeks in a row in decline outside of a bear market environment.

Bitcoin’s bearish trend is becoming increasingly evident, with recent statistics from spot ETFs pointing towards a potential bear season. This article delves into the details and implications of this development.

A Slow but Steady Retreat

Popular crypto analyst MisterCh0c noticed this pattern on Monday, sparking reactions from more bullish followers. Some crypto investors pointed out that the decline throughout April was mild compared to previous bull markets. Bitcoin, the leader of cryptocurrencies, closed at about $63,000, a roughly 12% decline from the week’s high of about $71,400 on March 31.

Supporting Analysis

James Check, the lead analyst at Glassnode, supported this analysis on Friday, noting that Bitcoin has only fallen 20% from its peak of $73,000 in this cycle. When compared to the 2017 bull market, there were numerous declines ranging between 20% and 30%. ... Read the full article for FREE at COINOTAG!