Bitcoin’s struggle continues as it tries to rebound from a $330 billion loss. The absence of institutional support has hindered its recovery, with major buyers stepping back. The market is now exposed to disengagement, with professional investors losing patience due to Bitcoin’s underwhelming performance and risk advisers potentially urging clients to scale back positions.

Bitcoin traded just below $102,000 in New York, with spot Bitcoin ETFs offloading about $2.8 billion in the past month. On-chain signals indicate long-time holders are liquidating, raising concerns if the token drops to $93,000. Citigroup also notes a decline in Bitcoin whales and a lack of urgency among new investors.

Wallet behavior is shifting, with a decrease in Bitcoin whales and an increase in retail holders. Citi analysis suggests that weekly flows of $1 billion typically add 4% to the price, but the current lull is limiting gains. Despite the fading market momentum, there is no sign of panic, as Bitcoin remains significantly up over the past 18 months.

While some see a buying strike in the digital-asset community, analysts caution against interpreting recent data as panic selling or a market top. Large holders are gradually taking profits amidst softer ETF demand, which has been seen in previous cycles. This rebalancing period could reset positioning and volatility before the next leg higher.

Read more at Yahoo Finance: A $25 Billion Bitcoin Bet Frays as Doubt Hits Big Buyers