On-chain data reveals that Bitcoin's 2024 halving overlaps with the 2016 cycle, and the 2025 bull market may reach its peak
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Both gold and tech stocks have seen dip-buying, but only bitcoin remains "sluggish."
Compared with the capital inflows into tech stocks and gold's sharp rebound after a plunge, bitcoin was a clear exception in Friday's market: it defied the trend by dropping 5%, hitting a six-month low, and has now declined for three consecutive weeks. This contrast highlights the unusual situation in the bitcoin market: even as it maintains a high correlation of 0.8 with the Nasdaq 100 Index, bitcoin exhibits an asymmetric pattern of "falling more on declines and rising less on rallies." Meanwhile, intensified whale sell-offs and concentrated selling by long-term holders are jointly suppressing bitcoin.
