Anthony Scaramucci said in a podcast with Scott Melker that Bitcoin’s latest correction followed heavy selling around the $100,000 level, where many long-term holders chose to lock in gains. Institutional money was still entering the market at the same time, but that demand did not stop a steep reversal. Bitcoin had climbed to nearly $126,000 before falling as low as $60,000, a move that rattled traders who had expected a run toward $150,000 in 2025.
He said earlier optimism had been supported by expectations tied to Donald Trump’s digital-asset-friendly stance and by views that regulatory pressure in the United States might ease. Even so, Scaramucci argued that Bitcoin often moves against broad consensus. He pointed to the rebound in early 2023 after the FTX collapse had pushed sentiment sharply lower. In his words, “It was at a period of great disinterest and great apathy that the bull market started again.”
ETF growth has changed the market, but not erased the cycle
Scaramucci said the launch of U.S. spot Bitcoin ETFs and the rise in institutional participation have made the market more mature, yet the underlying cycle is still in place. His view is that these changes have reduced the violence of price swings rather than removed them. He described the four-year rhythm as self-reinforcing, with traders and investors adjusting positions because they expect that pattern to keep repeating.
U.S. spot Bitcoin ETFs recorded about $2 billion in net inflows over the previous four weeks. That marks the longest stretch of positive ETF momentum seen in 2026, showing that professional investors and asset managers are still active even during unstable trading conditions. For Scaramucci, a broader and deeper capital base may soften extremes, but cyclicality remains one of Bitcoin’s defining features.
Equity correlation is back in focus as 2026 outlook stays uneven
Attention has also shifted to Bitcoin’s connection with traditional markets. Last Friday, the S&P 500 fell 1.3% and dropped below its 200-day moving average, a level widely used to assess long-term trend direction. At the same time, geopolitical tensions in the Middle East had entered a third week, adding pressure to assets that are more sensitive to risk appetite, including Bitcoin.
Scaramucci said that if Bitcoin continues to move in positive correlation with equity indexes such as the S&P 500, the market could face another meaningful leg lower. Some experts, he noted, have raised the possibility of a 50% decline if that relationship holds. Even with those concerns, he described the present setup as typical for a cyclical phase and said he expects volatility and sideways trading to persist before an eventual uptrend in the final quarter of 2026.