This is Bitcoin's Shallowest Bear Market—But is the Bottom In?
Bitcoin has fallen double digits in June as ETF capital continues to leave amid geopolitical and macro pressure. Even so, it is only about 50% below its October 2025 peak of $126,080, making this the shallowest Bitcoin bear market on record compared with prior cycle drawdowns of 74% to 90%. Analysts say the decline reflects a more institutionalized market, with ETF support, deeper liquidity, and more corporate holders reducing volatility. Still, they do not see a bottom yet. Ongoing ETF outflows, macro tightening, and weak passive demand suggest more downside is possible, with $60,000 seen as the first key level and $55,000 and $45,000 as bearish targets. A de-escalation in geopolitics plus renewed ETF inflows could help form a bottom. Some altcoins, like HYPE, are already showing relative strength and may be valued more on individual fundamentals than on Bitcoin’s direction.
