Bitcoin on track to equal its most bearish period in history – only one price matters now

The scoop: Bitcoin is on pace for a fifth straight monthly drop if February closes red, its longest losing streak since 2018, while spot ETF flows flip persistently negative, reinforcing a new reality: post-ETF BTC is trading like a rates-and-risk instrument. If it doesn’t reverse in March and reclaim $80k, it will equal its worst period ever.

Bitcoin has closed lower in each of the past four months, and February is negative mid-month, setting up a fifth straight monthly decline.

That outcome would mark…