Bitcoin Drops to $92,000, Losing $600 Billion in Value

Market Analysis & Crypto Bear Market - The market is potentially entering a bear market, indicated by Bitcoin's stability and the ratio of gold ounces to one Bitcoin at 23, having broken key support at 35 [1] - The Bloomberg Galaxy crypto index is down 10% YTD, suggesting speculative excesses are diminishing [3][4] - Bitcoin's poor performance, especially when adjusted for volatility, is notable considering the S&P 500 is up 15% [4][5] - The market's dependence on the Trump administration and the launch of ETFs at a peak are seen as similar to the dot-com bubble peak [5][6] Bitcoin & Digital Asset Treasury Concerns - The concept of "digital asset treasury" is questioned, suggesting traditional treasuries are more appropriate [8] - MicroStrategy's doubling down on Bitcoin, with an $835 million purchase in seven days, is viewed with skepticism, especially given the stock's poor performance [7][8][9] - Bitcoin's potential to drop below $70,000 if the stock market declines by 5% is highlighted [10] Gold Market & Risk Reversion - Gold's performance is signaling potential peak bull market conditions, similar to Bitcoin's situation the previous year [12] - Gold is considered expensive and may indicate a major reversion in risk assets [13] - Gold's stretched position versus its 60-month moving average is the most since 1980, suggesting taking profits might be prudent [12][13]