Bitcoin's "Silent Bear Market" Continues, Posts Worst Weekly Performance Since FTX Collapse

OdailyOdaily reported that Bitcoin briefly fell below $60,000 last week, recording its worst single-week performance since the collapse of the FTX exchange in 2022. In the seven days ending last Sunday, Bitcoin accumulated a decline of 16%, retreating over 50% from its all-time high of over $126,000 in 2025.

Multiple market analysts have warned that the current rebound may be difficult to sustain, and Bitcoin may not have hit the bottom of this cycle yet. Griffin Ardern, co-founder of Primal Fund, stated that the market is still "quite far" from a "true bottom."

Data shows that U.S. spot Bitcoin ETFs have recorded net outflows for 13 consecutive trading days, with cumulative outflows totaling approximately $5.5 billion. Concurrently, Bitcoin fell below the 200-week moving average, widely regarded as a key support level, further weakening market confidence. Paul Howard, a senior executive at crypto trading firm Wincent, described the current market conditions as a "silent bear market," arguing that a break below the 200-week moving average is a significant confirmation signal that the market has entered a bear phase.

Analysts point out that the ongoing U.S.-Iran conflict, a reversal in Federal Reserve rate cut expectations, and strong U.S. employment data are prompting the market to reprice the interest rate path. A high-interest-rate environment is unfavorable for the performance of risk assets, including crypto assets. Additionally, some capital is flowing from the crypto market towards the AI and technology stock sectors.

Despite this, the magnitude of the current correction is still smaller than historical bear market cycles. In previous bear markets, Bitcoin typically fell about 80% from its peak, whereas the current decline is approximately 50%. Some traders believe that if the macro environment continues to deteriorate and companies holding large amounts of Bitcoin face financing pressures, there remains further downside risk for the market in the future. (Bloomberg)