Bitcoin Faces Bear Market As Institutional Demand Declines

According to BlockBeats, on March 9, WhaleWire founder Jacob King expressed on social media that Bitcoin has entered a bear market. King highlighted the failure of Bitcoin's strategic reserve initiative, indicating that there was never an intention to purchase any assets other than the seized Bitcoin. He noted that the narrative of institutional demand has collapsed, as evidenced by record outflows from ETFs. King criticized Bitcoin extremists for creating illusions to attract new retail investors into the bubble, stating that their tactics have been exhausted. He warned that Bitcoin is heading into a prolonged bear market, potentially reaching unprecedented low levels. King advised current investors to sell all their assets now and consider repurchasing only after a significant drop of over 85%.