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00:02Bitcoin's highest conviction holders have begun selling,
00:05potentially signaling the late stages of the current crypto bear market, according to CNBC.
00:11In the past two days, these investors sold about $2.4 billion in Bitcoin,
00:16with 26% of Bitcoin sold in the past 30 days coming from buyers who purchased above $90,000.
00:23Compass Point analyst Engel called this top buyer capitulation,
00:27a common theme in late-cycle bear markets.
00:30Bitcoin is down 12% week-to-date and has struggled to climb back toward its October record
00:34above $126,000, pressured by Iran war uncertainty.
00:39Bitcoin ETFs recorded their 12th consecutive day of net outflows,
00:43with net assets falling to $85 billion from $107.8 billion on May 14.
00:49City analyst Alex Saunders cited negative ETF flows and fading prospects
00:54for a U.S. market structure bill as headwinds for sentiment.
00:57For all things money, visit Benzinga.com.
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