In the current market environment, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have notably lagged behind other risk assets like equities and precious metals.

Crypto analyst Garrett Bullish attributes this underperformance to three primary factors:

The lingering effects of a deleveraging cycle

Unique market micro-structure issues

Potential manipulation by speculative entities
Crypto’s “Ghost Town” Effect: Deleveraging and Retail Exhaustion

The crypto market is suffering from a “deleveraging hangover” that began in October, the analyst noted in an article published on X on Thursday.

This flush wiped out a significant portion of speculative capital, particularly hitting…

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