This #Bitcoin bear market might not play out like the past ones.
When gold ETFs were introduced, gold’s drawdowns became much less severe—falling from roughly 70% in earlier cycles to about 45%. Since ETFs launched in 2004, gold’s worst drop has been around 40%.
Bitcoin could experience a similar shift.
If that pattern holds, downside risk from current levels may be relatively contained, with a pullback closer to 10% instead of a prolonged, deep crash.