特朗普行情“昙花一现” 比特币年内涨幅全部蒸发！

Core Viewpoint - Bitcoin has retraced over 30% of its gains since the beginning of the year, following a peak of $126,251 on October 6, as optimism regarding the Trump administration's support for cryptocurrencies fades [1][3]. Market Dynamics - The market is currently in a risk-off state, with significant buyers, including ETF institutions and corporate consortiums, quietly exiting, leading to a loss of the funding support that previously drove Bitcoin to record highs [3][4]. - Institutional investors have been crucial in supporting Bitcoin's price and market legitimacy, with ETFs absorbing over $25 billion, peaking at approximately $169 billion in assets [3][4]. - The recent sell-off is attributed to multiple factors, including profit-taking by long-term holders, outflows of institutional funds, macroeconomic uncertainties, and the liquidation of leveraged long positions [3][4]. Investor Sentiment - Retail sentiment in the cryptocurrency market is notably pessimistic, with many investors choosing to exit early to avoid significant losses [4][6]. - Bitcoin's volatility has led to dramatic price swings, with a notable drop to $74,400 in April following Trump's tariff announcement, before rebounding to a historical high [6]. - Smaller, less liquid tokens have been hit harder by the market downturn, with the MarketVector index tracking the bottom 100 digital assets down approximately 60% this year [6]. Future Outlook - The current market lacks natural bullish catalysts, leading to a cautious attitude towards capital allocation among investors [6].