78 Days Without US Buyers, But Citadel Still Says the Bull Market Is Alive
US Bitcoin demand has now been negative for 78 consecutive days, a record. Citadel Securities, meanwhile, says July's violent selloff reset the equity bull market rather than ended it.
Both claims can be true at once. American speculative money did leave the market in July, but almost none of it has landed in Bitcoin.
Citadel Says July Flushed Out the Speculators
Scott Rubner, Head of Equity and Equity Derivatives Strategy at Citadel Securities, reads July as a rotation problem rather than a deterioration problem. Crowded trades unwound while the underlying bid held.
Retail investors flipped from buyers to sellers. The last week of July produced the heaviest retail equity selling since 2022, per Citadel Securities data.
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