According to a note from Marion Laboure, a senior macro strategist at Deutsche Bank (DB), Bitcoin’s recent behavior could be the end of what she calls the “Tinkerbell Effect,” which is a period when price bitcoin-during-the-dip">gains relied heavily on belief and speculation. In her view, Bitcoin may now be transitioning toward a more realistic, though still developing, role as a financial asset. That shift is happening alongside a steep correction, as Bitcoin fell to roughly $73,500 from its October peak of nearly $125,000.
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Interestingly, its most recent slide was triggered by news that President Trump plans to nominate Kevin Warsh as the next Fed Chair, a move markets viewed as negative for risk assets. This is because Warsh is known for supporting higher real interest rates and a smaller Fed balance sheet. Meanwhile, institutional investors appear to be stepping back.
Indeed, U.S. spot Bitcoin ETFs saw more than $3 billion in outflows in January, following roughly $2 billion in December and about $7 billion in November 2025. Laboure added that U.S. crypto adoption has fallen from 17% in July 2025 to around 12%, while Bitcoin’s performance has sharply diverged from gold, which rose 13% in January and delivered a 65% return in 2025, compared with Bitcoin’s 6.5% decline that year. Still, she believes that Bitcoin is unlikely to disappear and will continue to mature into a regulated institutional asset, even if it never replaces traditional ones.
Is Bitcoin a Good Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a negative outlook for Bitcoin. Indeed, the summary section pictured below shows that six indicators are Bullish, compared to two Neutral and 14 Bearish indicators.
