According to Miles Deutscher on Twitter, traders are questioning the strength of a bear case for Bitcoin (BTC) as of June 2025. Several concrete risks are cited in recent analyses, including increasing regulatory crackdowns in the US and Europe, the potential for tighter monetary policy from central banks, and declining on-chain activity. Major trading desks have highlighted that persistent ETF outflows and reduced institutional inflows could put downward pressure on BTC price in the near term (source: Glassnode, CryptoQuant). For traders, monitoring regulatory news, ETF flows, and on-chain volume is essential for risk management in current conditions.