Bitcoin Selloff: Market Loses $600 Billion Following October High

Market Performance - Bitcoin is up 22%, Ether is up 41%, but this is within the context of recent pressure in the crypto market [1] - Bitcoin has erased all of its gains since the election of Trump [4] - The industry experienced a big flash crash on October 10th, and the price hasn't fully recovered [5] - The market is potentially entering another bear territory and crypto winter, which is not connected to the wider environment [6] Industry Dynamics - The current situation is different from previous crashes, which were typically triggered by events like exchange collapses or bankruptcies [2] - Crypto assets may be maturing and following other asset classes, despite originally being intended to be independent [3] - The crypto industry now has support from the US President and Congress [3] - The market is seeing liquidations out of crypto ETFs after massive inflows from retail investors following ETF approval [6][7] - Retail investors are pulling out of crypto ETFs, possibly due to increased sensitivity to price swings [7] - The crypto market may be following a wider risk-off environment [7]