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Bitcoin Bear Market Drawdown Hits 50%, Mildest on Record, Says Bitwise Analysis

2026-07-10 14:32:15

BTC2.22%

According to Bitwise Senior Investment Strategist Juan Leon, Bitcoin's current 50% drawdown represents the mildest structural bear market on record, significantly smaller than the 78% decline in 2022 and the 84% drop in 2018. Leon attributed the milder downturn to a fundamental shift in Bitcoin's holder base: institutional and professional allocators have largely replaced retail speculators, resulting in a more stable market foundation. Institutional clients at Bitwise have split into two groups—those with existing Bitcoin allocations are using the dip to rebalance and dollar-cost average, while others are waiting for regulatory clarity before committing capital. ETF flow data shows spot Bitcoin ETFs have experienced over $4 billion in outflows since April, while memory-chip ETFs attracted roughly $12 billion in inflows during the same period.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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