Bitcoin Extends Decline for Fourth Consecutive Week Last week, Bitcoin posted its fourth consecutive weekly decline, the first such sequence in more than 504 days. The last instance of four straight red weeks occurred during the prolonged consolidation phase between March and October 2024, when the peak-to-trough drawdown reached roughly 24.1 percent. In contrast, the current correction has been notably sharper, with a decline of 30.6 percent over this 4-week period. This weakness has been accompanied by clear signs of capitulation among short-term holders (defined as those who have owned BTC for 155 days or less). On-chain metrics show accelerated selling at a loss from this cohort, reinforcing the extent to which recent buyers have been forced to exit at mounting unrealised losses.
Figure 1. BTC/USD 4H Chart. Source: Bitfinex) BTC closed the week down 8.65 percent, with a peak-to-trough decline of 16 percent. This extends the drawdown from the all-time high to 35.91 percent, making the current correction the largest of the cycle, both in percentage terms and, as we discuss below, in terms of the scale of long liquidations. BTCʼs price behaviour vis-a-vis equities is also notable. As we saw in previous corrections in April and February 2025, BTC has repeated the pattern of forming a top before SPX and NASDAQ. In both periods, BTC formed a top around 2030 days before equity markets.