<div id="readability-page-1">Bitcoin’s slide below $60,000 last Friday capped its worst week since the collapse of Sam Bankman-Fried’s FTX exchange in 2022.<br/>The forces currently at play seem almost benign by comparison, but that’s raising red flags for analysts, who warn that the token’s modest rebound may prove short-lived as structural frailties are exposed. <br/><br/>Investors are fleeing Bitcoin exchange-traded funds, technical indicators have weakened, interest-rate expectations have shifted, and while today’s crypto winter is milder than previous editions, that could mean the worst is yet to come.<br/><b><br/><div><figure><img src="https://imageproxy.pbkrs.com/https://img.etimg.com/photo/msid-131622522/cry1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="814" height="538" original-src="https://imageproxy.pbkrs.com/https://img.etimg.com/photo/msid-131622522/cry1.jpg"/><span>Bloomberg</span></figure></div></b><br/>Last week’s selloff was partly attributable to Michael Saylor’s Bitcoin-buying company Strategy Inc. divesting a tiny portion of its holdings — undermining the narrative that it would never sell.<br/><div><div><p><span>TOP COINS</span> (₹) <i></i></p><div><p>Bitcoin</p><p>5,898,122 (<span>-1.61%</span>)</p></div></div></div><br/>Strategy moved to steady nerves on Monday. The company said it bought 1,550 Bitcoin for about $101 million, much larger than the $2.5 million it sold, but market confidence may not be so easily restored.<br/><br/>Technical signals have weakened. Bitcoin last week slipped below its 200-week moving average, a closely watched metric that many traders use as a gauge of market support. A break below that level can deepen caution, because it suggests rallies may be sold rather than chased.<br/><br/><b><div><figure><img src="https://imageproxy.pbkrs.com/https://img.etimg.com/photo/msid-131622525/cry2.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="814" height="457" original-src="https://imageproxy.pbkrs.com/https://img.etimg.com/photo/msid-131622525/cry2.jpg"/><span>Bloomberg</span></figure></div><br/></b>Ardern said that at true bottoming points, longer-dated options tend to show a more bullish shift, which is not happening now.<br/><br/>And investors were already getting cold feet. They have pulled about $5.5 billion from US-listed spot Bitcoin ETFs over 13 straight days of net outflows.<br/><br/>Paul Howard, senior director at crypto trading firm Wincent, described the current downturn as a “silent bear market” because there has been no major FTX-style collapse.<p>“The break below the 200-week moving average provides important confirmation that markets may have entered a bear phase,” Howard said. With Bitcoin volatility elevated, he added: “This rally is unlikely to prove sustainable.”</p><h2><br/>Rate Expectations</h2>The shift in interest-rate expectations is part of the problem, as the prospect of higher borrowing costs draws capital away from speculative assets like crypto.<p>The unresolved US-Iran war and strong US jobs data have seen markets move from expecting the US Federal Reserve to cut rates to pricing in the chance of increases.</p><p>“This is a massive reversal in expectations,” said Rajiv Sawhney, head of international portfolio management at Wave Digital Assets.</p><p>Bitcoin has also lost its positive correlation with US stocks as money has moved from crypto into artificial-intelligence and tech companies, Sawhney said, but he doesn’t expect a rotation back into crypto if equities reverse.</p><p>The current correction is still milder than past crypto winters. Bitcoin has fallen roughly 50% from its peak, compared with drawdowns of about 80% in prior bear markets. After the 2021 peak, Bitcoin took more than a year to bottom and another 15 months to recover its highs.</p><p><b></b></p><div><figure><b><img src="https://imageproxy.pbkrs.com/https://img.etimg.com/photo/msid-131622526/cry3.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="814" height="457" original-src="https://imageproxy.pbkrs.com/https://img.etimg.com/photo/msid-131622526/cry3.jpg"/><span>Bloomberg</span></b></figure></div><b><br/></b>That history is why some traders are reluctant to call a floor now.<p></p><p>Hayden Hughes, managing partner at Tokenize Capital, said digital-asset treasury companies like Strategy create “an idiosyncratic risk to the crypto industry.” These firms hold large amounts of crypto and could be forced sellers if financing conditions tighten or share prices fall.</p><p>Hughes said there are also systemic risks that could drag on equity markets in the coming months and spread to crypto.</p><p>Bitcoin’s drop may not have matched past cycles, he said, but the word “yet” looms large.</p><div><br/><p><em>(You can now subscribe to our ETMarkets WhatsApp channel)<br/></em></p></div><br/><em>(You can now subscribe to our ETMarkets WhatsApp channel)<br/></em></div>

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GBTC

STRC

<p>比特幣經歷了自 FTX 崩盤以來最糟糕的一週，價格跌破 60,000 美元。分析師警告，由於 ETF 資金流出、200 周移動平均線的突破等技術指標疲軟，以及利率預期轉變導致借貸成本上升，市場可能面臨進一步的痛苦。儘管 Strategy Inc.最近進行了回購，但市場信心依然低迷，因為在這個 “無聲的熊市” 中，結構性脆弱性暴露無遺</p>

Bitcoin’s worst week since FTX crash signals more pain ahead

economictimes

MicroStrategy Pref Shares MSTR 8.0 Perp

Grayscale Bitcoin Trust BTC - ETF

Microstrategy Inc Pref Shares STRC 9.0 Perp

MicroStrategy Pref Shares MSTR 10.0 Perp

Strategy

Leverage Shares 2x Cpd Acclrtd MSTRMnETF

Roundhill MSTR WeeklyPay ETF

iShares Bitcoin Trust ETF

Bitwise Bitcoin ETF

2 倍做空 MSTR ETF - T-Rex

Defiance Leveraged Long + Inc MSTR ETF

2 倍做多 MSTR ETF - Defiance

MSTR 期權收益策略 ETF - YieldMax

2 倍做空 MSTR ETF - Defiance

2 倍做多 MSTR ETF - T-Rex

Fidelity Wise Origin Bitcoin Fund - ETF

GraniteShares 2x Long MSTR Daily ETF

ARK 21Shares Bitcoin ETF

ProShares Bitcoin Strategy ETF

CoinShares Bitcoin ETF

Invesco Galaxy Bitcoin ETF

WisdomTree Bitcoin Fund

VanEck Bitcoin ETF

Franklin Bitcoin ETF

ETC Holdings Ltd. (Guernsey)

博時比特幣

華夏比特幣

MBC比特幣

Bitwise MSTR Option Income Strategy ETF

GraniteShares 2x Short MSTR Daily ETF

YieldMax MSTR Perf & Dis Trgt 25 ETF

YieldMax MSTR Option Income Strategy ETF

GraniteShares YieldBoost MSTR ETF

比特幣自 FTX 崩盤以來經歷了最糟糕的一週，這預示着未來可能會有更多的困難