Bitcoin is approaching the $70,000 level.

Signs of a Bear Market in Bitcoin

Bitcoin is currently trapped around the $70,000 level, with on-chain data indicating declining participation, weak spot demand, and tight liquidity. Bear market signals are increasing investors' concerns.

US Market Conditions

While spot Bitcoin ETFs in the United States have shifted from net buyers to net sellers, the negative premium on Coinbase indicates a significant drop in demand in the US. This situation marks a notable decline in demand levels that historically support bull markets.

Macroeconomic Effects

Broader macroeconomic conditions, ongoing political pressures on the Federal Reserve's stable policy expectations and interest rate decisions, continue to restrict liquidity. This situation is adversely affecting crypto and technology-related risk assets in Asia.