Bitcoins Sell-Off May Carry a Silver Lining

In brief

• Analysts say Bitcoin’s drawdown reflects positioning and liquidity stress, though views diverge on whether demand will return as metals cool and macro uncertainty persists.
• Gold and silver’s sharp reversal has prompted some investors to reassess crowded metals trades, with Bitcoin holding relatively steady by comparison.
• On-chain data shows limited whale accumulation and subdued ETF flows, suggesting the market has cleared leverage but lacks a clear catalyst for renewed upside.