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Retail buy dips, institutions sell rallies as doubts grow over bitcoin bottom signal

On-chain analysis suggests bitcoin’s bear-market bottom has not yet been confirmed, with realised losses in this cycle remaining below 2022 levels. CryptoQuant analyst Darkfost said investor capitulation appears weaker than in the previous downturn, though he added the view may be subjective. Trader Ardi said retail investors have aggressively bought dips for months, while mid-sized participants and institutions have sold into rebounds. Analysts said bottom signals may gain weight only if realised losses rise and the flow pattern shifts.