Bitcoin: Why This Bear Market Is Different

Bitcoin: Why This Bear Market Is Different centers on a July 10 rebound in Bitcoin as analysts argue this drawdown lacks the typical sell-off dynamics of prior cycles. Bitcoin rose 1.5% to $63,800 on July 10, after trading roughly 50% below its peak. The article attributes the current stability to spot-market behavior measured by CryptoQuant’s spot taker CVD, which captures whether aggressive buyers or sellers hit bids immediately. It says the tape was solidly green from late April through May as price pushed above $80,000, but turned neutral in early June and remained neutral into July, with no single sell-dominant day. Price reportedly declined from May highs into the high-$50,000s due to fading demand rather than active distribution, then ranged for five weeks while spot market declines continued. Bitwise’s Juan Leon argues the buyer base shifted toward professional allocation and rebalancing, with a rotation into AI-linked memory-chip ETFs taking about $12 billion since April, while spot Bitcoin ETFs saw more than $4 billion of outflows. Bitwise links improvement to expectations around US rules and cites the proposed CLARITY Act, noting Leon does not expect passage before the August recess.