Why Bitcoin's Next Market Cycle May Look Very Different – BloFin CEO

BloFin CEO Matt Hu argued at TOKEN2049 in Singapore earlier this month that Bitcoin’s cycles could become milder because exchange-traded funds and corporate treasuries have added investors with longer holding periods. BloFin Research estimated that US spot Bitcoin ETFs held about 1.3 million BTC, almost the same amount as in late January, and calculated the latest bear-market drop at 53%, compared with 77%–85% in earlier downturns. That view faces a test: Bitcoin dropped under $80,000 over the weekend, and US spot Bitcoin ETFs had $635.6 million in net outflows on October 22. Glassnode put the average purchase price near $81,500 for ETF investors and $80,200 for treasury companies.