Wintermute Flags New Pattern in Bitcoin's Bear Markets

Bitcoin's latest downturn is looking less severe compared to previous bear markets, according to Wintermute. The trading firm notes that BTC has lost about 50% of its value over the past 340 days after reaching its peak, a decline lower than the losses seen in both 2018 and 2022 at the same stage.

In contrast to the significant drawdowns of previous bear markets - where Bitcoin was down more than 75% at this point - Wintermute argues that BTC is showing signs of bottoming out with progressively smaller losses. However, the firm stops short of confirming whether June marked the final low for the current cycle.