This bitcoin bear market is different with 'uniquely pessimistic' traders limiting downside, K33 says
CoinDesk
K33 Research suggests the current bitcoin bear market differs from previous cycles due to unusually pessimistic trader sentiment, likely limiting further downside.Summary
K33 Research analysis indicates that the current bitcoin market cycle is unique because persistent bearish sentiment among traders, evidenced by prolonged negative funding rates and low CME futures basis, acts as a stabilizer. Unlike previous bear markets fueled by over-leveraged bull rallies, this cycle is characterized by extreme caution. While K33 identifies risks such as elevated open interest and significant U.S. ETF outflows as holders sell near their break-even points, the firm maintains that the $60,000 price floor reached in February likely represents the cycle's maximum drawdown.
(Source：CoinDesk)