Summary
Bear markets are hard to define in Bitcoin, as the traditional 20% drawdown metric would trigger a bear almost every second Tuesday given the volatility. Thus we look to investor psychology and profitability as a gauge of likely, and actualised sell-side activity.
What we identified this week are significant realised losses, a steep drawdown, a return to HODLer led accumulation, and top buyers taking any opportunity to get their money back. If it looks like a bear, and walks like a bear, it could very well be a bear. But as with many things over the last two years...could this time different?
