Bitcoin Plummets as Institutional Demand Dries Up, WhaleWire Warns of 85% Decline

Bitcoin is currently facing a multi-year bear market as institutional demand for the cryptocurrency collapses. This shift is highlighted by the recent unsuccessful launch of Bitcoin’s strategic reserve, which has raised concerns about the lack of credible assets earmarked for acquisition, aside from confiscated Bitcoin. This development has cast doubt on the previous narratives surrounding institutional demand, as evidenced by a spike in record outflows from Bitcoin ETF funds. The overall optimism that once characterized the market has evaporated, leading to widespread disillusionment among market participants.

Jacob King, the founder of WhaleWire, has issued a warning about the current state of the Bitcoin market. He indicates that the strategies employed by Bitcoin enthusiasts to attract new retail investors may no longer be sufficient to sustain the market’s inflated values. Investors are advised to brace for a pronounced decline, which could potentially lead Bitcoin to levels previously deemed inconceivable. For those already holding Bitcoin assets, it may be prudent to reevaluate their positions and consider divesting until the market stabilizes. Projections suggest a potential downturn exceeding 85%, making a cautious approach advisable for informed participants navigating this volatile landscape.