Bitcoin's Current Bear Market Marks Mildest Cycle, Down 50% vs. 78% in 2022: Bitwise

According to Bitwise senior investment strategist Juan Leon, per The Block on July 10, Bitcoin's current bearish cycle represents the most moderate structural downturn in the asset's history. The current 50% decline compares to 78% in 2022 and 84% in 2018, demonstrating that "each cycle bottom is rising higher," Leon said.

Bitwise's institutional clients are split: investors holding Bitcoin for over two years view the decline as a buying opportunity, while other major capital awaits clearer regulatory signals. Multiple bottom indicators are emerging, including oversold momentum readings and elevated long-term holder accumulation, Leon noted.