Bitcoin (BTC) Could the stats from spot ETFs be a signal that we are entering bear season?

A new market data signaled that Bitcoin has entered bear season. As of Monday, Bitcoin entered its fifth consecutive negative weekly close. Historically, Bitcoin has never closed down for five consecutive weeks outside of a bear market environment.

A Slow but Steady Retreat

Popular cryptocurrency analyst MisterCh0c noticed this pattern on Monday and received backlash from more bullish followers.

Some cryptocurrency traders noted that the severity of the decline throughout April was mild compared to previous bull markets. Closing at a weekly high of about $71,400 on March 31, the leader of cryptocurrencies closed this Sunday at about $63,000, down about 12 percent.

Head Glassnode analyst James. Checksupported this analysis on Friday, noting that Bitcoin is only down 20 percent from its high of $73,000 this cycle. When comparing statistics, the 2017 bull market saw numerous declines between 20 percent and 30 percent in magnitude.

Also brett_ethpreviously noted that four consecutive weekly red candle events have occurred in bull markets. Two of these instances occurred earlier in the month, as well as in previous Bitcoin from halving it happened right after.

The trend in Bitcoin ETFs is frightening!

While significant pullbacks are normal for a bull market, many are still surprised that Bitcoin selling pressure has spread to the newly launched Bitcoin spot ETFs. The funds have seen net inflows of over $12 billion since January, but these flows have stagnated over the past month and From Grayscale Bitcoin Trust (GBTC) outflows outpaced inflows to all other Bitcoin ETFs.

Bloomberg ETF analyst Eric Balchunasdisclosed that most investors have not yet reported ETF holdings in their 13F filings. It may also take time for advisors to step in: BTC futures ETF BITO has investment holdings that are 40 percent owned by advisors after 30 months on the market.