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.

CITADEL: JULY RESET THE BULL MARKET, NOT ENDED ITCitadel's Scott Rubner says July's sharp selloff and sector rotation cleared out excessive positioning without breaking the broader bull market.Retail investors turned net sellers, AI and semiconductor stocks were heavily sold,… pic.twitter.com/Z5f06pF2Fq— *Walter Bloomberg (@DeItaone) August 4, 2026 Retail investors flipped from buyers to sellers.