Bitcoin just wiped out all of its 2025 gains. What a crypto winter could look like.

Core Insights - Bitcoin has entered "extreme fear territory" after failing to maintain above the $100,000 level, with a significant decline from its all-time high of $126,272.76 on October 6 [1][2] - The price of Bitcoin fell over 9% in the week ending November 14, trading below $92,000, influenced by large crypto "whales" selling the asset [2][3] - Bitcoin has officially entered "bear market" territory, marking a decline of 20% or more from its recent peak, and has experienced a "death cross" technical pattern [3][4] Market Sentiment - Despite the negative indicators, some experts believe that the current situation does not signify a "crypto winter," but rather a maturation of Bitcoin as an asset class [3][4] - The current decline is described as a market-structure transition rather than a cyclical bear market, indicating a change in ownership and trading dynamics [4] Institutional Adoption - The current period of declining prices is noted to be "distinguishably different" due to Bitcoin's maturation and increasing institutional adoption, highlighted by J.P. Morgan's acceptance of Bitcoin as collateral [6] - Data indicates that investors selling Bitcoin are doing so at net profit, suggesting that capitulation or margin calls have not yet occurred, while retail investors are not buying the dip [7]