Bitcoin’s Correction Without Panic

A routine risk repricing, moderate ETF outflows, and elevated leverage in a still-supportive macro environment.

A week after Bitcoin’s initial drop, the picture is clearer.

This hasn’t been a disorderly retreat. It’s a repricing of risk. Tariff headlines and fresh worries about U.S. regional banks reminded investors that, even with supportive liquidity and a Fed leaning toward easing, uncertainty still matters.

But uncertainty isn’t the same as deterioration, and markets are trading that distinction.

Today, we look at the key data, Nasdaq’s drawdown profile, Bitcoin ETF flows, and system leverage, to explain why this episode doesn’t yet read as a regime break at this point.

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Bitcoin’s Correction Without Panic

The Takeaway

Bitcoin’s recent drop reflects a routine risk repricing rather than a market breakdown.