Bitcoin (BTC) has lost its footing, both on an absolute basis and relative to U.S. equities.
According to Adrian Fritz, chief investment strategist at crypto investment firm 21Shares, the divergence between crypto and stocks comes down to macro pressure, investor sentiment and what he calls a “panda market” — not a full-blown crypto winter, but still bearish action.
“Technically, we’ve entered a bear market,” Fritz said in an interview with CoinDesk. Bitcoin has fallen more than 30% from its highs, breaching the 50-week moving average — a level that historically signals broader shifts in mar