The price of Bitcoin has dropped more than 20% from its all-time high, and US Bitcoin ETFs saw a record outflow. However, analysts believe a rebound may be on the horizon, as the S&P 500 and Nasdaq Composite indexes remained relatively stable while BTC fell further. Market indicators such as funding rates and the Pi Cycle Top Indicator do not suggest a market peak yet. Some attribute the recent decline to the frenzy around meme coins and token launches, which may have contributed to exhaustion in the market. Additionally, traditional markets have seen a decrease in risk appetite due to global trade tension and a more hawkish outlook from the Fed. However, there is strong support for BTC in the $70,000-$75,000 range, which could lead to a bullish continuation towards a new record high. The recent Bybit hack is not expected to significantly impact institutional confidence in centralized exchanges, as institutions typically use secure self-custody solutions for long-term holdings. Lastly, the SEC has closed its investigation into Uniswap Labs without pursuing any enforcement action.



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