Bitcoin is headed for the fourth annual decline in its history, and the first one that didn’t coincide with a major scandal or industry meltdown.
While the latest decline is milder than in the previous three down years, it’s happened against a vastly different backdrop. Since the last major crypto crash in 2022, institutional adoption has widened, regulation has matured and the industry has found arguably its most important champion in US President Donald Trump.
The rapid lurch lower since Bitcoin hit a record above $126,000 in early October has confounded bulls. Volumes are low, investors are bailing on Bitcoin ETFs and derivatives markets are showing a lack of appetite for betting on a rebound.
Source: This Bitcoin Decline Is Not Like the Others – Bloomberg