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Bitcoin’s year-to-date gains have been completely wiped out, plunging it into a technical bear market. | Bee Network

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Bitcoin’s year-to-date gains have been completely wiped out, plunging it into a technical bear market. | Bee Network Login Tin tức thịnh hành Nền tảng khởi chạy meme Các tác nhân trí tuệ nhân tạo (AI) DeSci TopChainExplorer Dành cho Newbee Tiền xu 100 lần Trò chơi Ong Trang web cần thiết ỨNG DỤNG Phải Có Người nổi tiếng về tiền điện tử DePIN Tân binh cần thiết Máy dò bẫy Công cụ cơ bản Trang web nâng cao Trao đổi Công cụ NFT CHÀO, Đăng xuất Vũ trụ Web3 Trò chơi Ứng dụng phi tập trung (DApp) Tổ ong Nền tảng phát triển QUẢNG CÁO Tìm kiếm Tiếng Anh Nạp xu Đăng nhập Tải xuống Đại học Web3 Trò chơi Ứng dụng phi tập trung (DApp) Tổ ong QUẢNG CÁO trang chủ•Phân tích•Văn bản chính Bitcoin’s year-to-date gains have been completely wiped out, plunging it into a technical bear market.Phân tích3 tháng trước更新Wyatt 18.582 15 Original author: Long Yue

Original source: Wall Street News

Bitcoin is facing a severe test as enthusiasm for the US government’s pro-mật mã stance fades and market risk aversion intensifies, and the bear market across the crypto market appears to be deepening.

Bitcoin, the cryptocurrency with the highest market capitalization, fell below $93,714 on Sunday. This price level is below its closing price at the end of 2024, meaning that the more than 30% annual gain earlier this year has been “completely wiped out.”

This plunge occurred just over a month after the asset hit an all-time high. On October 6, Bitcoin’s price surged to a record high of $126,251, but four days later, global markets were thrown into turmoil by unexpected comments from US President Trump regarding tariffs, and Bitcoin subsequently began its downward spiral.

The decline in institutional participation is one of the core drivers of this round of decline. According to Bloomberg data, Bitcoin exchange-traded funds (ETFs) have attracted over $25 billion in inflows this year, pushing their total assets under management to approximately $169 billion. These stable inflows had previously helped reshape Bitcoin as a portfolio diversification tool.

However, this narrative of “hedge assets” is “becoming fragile again” as large buyers, including ETF allocators and corporate finance departments, quietly withdraw. A prime example is Michael Saylor’s Strategy Inc., whose stock price is now close to the value of its Bitcoin holdings, indicating that investors are no longer willing to pay a premium for their highly leveraged Bitcoin strategies.

Macroeconomic headwinds and deleveraging The shift in the macroeconomic environment is another key factor. Matthew Hougan, chief investment officer at Bitwise Asset Management, points out that “the overall market is in risk aversion mode,” and “cryptocurrencies are the canaries in the coal mine, reacting first.”

The recent pullback in tech stocks has also led to a decline in overall market risk appetite. Jake Kennis, senior research analyst at Nansen, stated that the sell-off was a confluence of “profit-taking by long-term holders, institutional outflows, macroeconomic uncertainty, and the liquidation of leveraged long positions.” He added that after a prolonged period of consolidation, the market has temporarily chosen a downward direction.

Altcoins fell even more sharply. The prevailing pessimism in the market is exacerbating the sell-off. Matthew Hougan stated, “Cryptocurrency retail sentiment is quite negative,” with many choosing to exit early to avoid another 50% pullback. This pessimism is even more pronounced in the more volatile altcoin market.

According to reports, the ChợVector index, which tracks the bottom 50 of the top 100 digital assets, has fallen by about 60% this year. Chris Newhouse, research director at Ergonia, a company focused on decentralized finance, also observed that the market is generally skeptical of capital deployment and lacks natural bullish catalysts.

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Related: Solana ETF Ignites Institutional Battle: 200 Million Yuan Injection Fails to Stop Plunge, Western Union’s Entry Rewrites the Game. In late October 2025, the crypto world witnessed a historic moment. Solana (SOL) broke through the final regulatory hurdle, becoming the third crypto asset, after Bitcoin and Ethereum, to receive approval for a spot exchange-traded product (ETP) in the United States. This is more than just boring news of “yet another ETF approved.” Its approval process was dramatic, its product design was ingenious, and the market reaction it triggered left countless traders stunned. For those of us in the crypto industry, the launch of the Solana ETF is not the end of a story, but the beginning of something full of “insider information” and new opportunities. 01 Wall Street “Civil War” The birth of the Solana ETF was highly unusual. It didn’t originate from a public vote and enthusiastic press…

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