Bitcoin (BTC) is currently down 36% from its all-time high at $126,000, but one analyst claims that BTC’s fourth bear market has “materially decoupled” from previous bearish cycles, due to exchange-traded fund (ETF) inflows and corporate BTC accumulation.
Bitcoin ETF flows and treasury buys may limit further downside
Bitcoin Bond Company CEO Pierre Rochard compared Bitcoin’s drawdowns across previous market cycles and said the current correction looks different from the past bear markets. The 2013–2015 cycle wiped out roughly 85% of Bitcoin’s value, while the 2017–2018 and 2021–2022 cycles saw declines of nearly 77% before the price bottomed.
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The current dip has been relatively smaller. Bitcoin fell to around $60,000 from its all-time high near $126,000, marking a decline of about 52%.
Bitcoin drawdown analysis across different market cycles by Pierre Rochard. Source: X
Rochard explained that Bitcoin ETFs have become a new source of demand over the past two years. US-listed spot Bitcoin ETFs
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