Bitcoin (BTC) has lost most of its gains this year after the crypto market posted a weekend of losses, although the US market reopened on Thursday which is expected to provide temporary relief.
BTC fell to a low of $93,029 on Sunday, down 25% from its all-time high in October, despite starting the year at $93,507. It has now reportedly rebounded slightly to $94,209, according to CoinGecko data.
This year is set to be a positive year for the crypto market after US President Donald Trump was inaugurated on January 20, forming what is considered the most pro-crypto administration yet, fulfilling many of his early promises.
Positive regulatory momentum under the Trump administration has been accompanied by increased use of corporate Bitcoin treasury and higher inflows into Bitcoin exchange-traded funds (ETFs).
However, another factor in Bitcoin’s price decline is that some OG Bitcoiners and Whales have sold off some of their holdings, cushioning the gains despite positive industry developments.
Glassnode analysts last week stressed that the ‘OG Whales Dumping’ narrative is not as strong as it seems, explaining that it is part of normal bull market behavior, especially during the final phase of a bull market.
Analysts also discussed whether Bitcoin’s four-year cycle is still relevant, even though the market now has more institutional and regulatory support than in previous cycles.
