Bitwise senior investment strategist Juan Leon said the current Bitcoin bear market is fundamentally different from prior cycles, citing accelerating institutional adoption. According to PANews, Leon said Bitwise clients broadly fall into two groups: investors who have held Bitcoin for more than two years are treating the decline as an opportunity to add, while other large pools of capital are waiting for clearer regulatory signals. Leon described the current roughly 50% drawdown as Bitcoin’s “mildest structural bear market,” compared with declines of 78% in 2022 and 84% in 2018. He added that “the bottom rises every cycle.” He also pointed to several signals he said suggest a bottom may be forming, including oversold momentum indicators, about half of holders being in unrealized losses, long-term holders resuming accumulation, and record ETF outflows in June.
