10x Research: Bitcoin posts its largest weekly drop in months, with weak fundamental demand

According to the 10x Research report, the current Bitcoin price is below the 7-day and 30-day moving averages, indicating a bearish signal; the weekly decline is -6.7%, and it has fallen below the $100,000 mark, due to large holders (whales) starting to sell off, marking the largest weekly drop in months; the outflow of funds from the U.S. spot Bitcoin ETF has surged, indicating weak institutional demand.

In addition, the correlation between Bitcoin and the Nasdaq 100 index continues to show a negative skew, meaning that Bitcoin's decline is greater when tech stocks are sold off than its increase when tech stocks rise, which exacerbates investors' cautious sentiment.

Although macro catalysts such as interest rate cuts by central banks and inflows into ETFs still exist, these factors have failed to create upward momentum due to weak fundamental demand.