今年一度达30%涨幅“全部抹去”，比特币陷入熊市

Core Viewpoint - Bitcoin's price has dropped below $93,714, erasing over 30% of its annual gains earlier this year, following a record high of $126,251 on October 6, triggered by market turmoil after comments from President Trump [1][3]. Group 1: Market Dynamics - The decline in Bitcoin's price is attributed to reduced institutional participation, with over $25 billion flowing into Bitcoin ETFs this year, raising total assets under management to approximately $169 billion [1]. - The exit of large buyers, including ETF allocators and corporate finance departments, has weakened the narrative of Bitcoin as a "hedging asset" [1]. - The overall market is in a risk-off mode, with cryptocurrencies reacting first to macroeconomic changes, as noted by Bitwise Asset Management's CIO [3]. Group 2: Investor Sentiment - There is a prevailing negative sentiment among retail investors in the cryptocurrency market, leading many to exit early to avoid significant losses [5]. - This pessimism is particularly pronounced in the altcoin market, with a MarketVector index tracking the bottom 50 of the top 100 digital assets down approximately 60% this year [6][7]. - The lack of natural bullish catalysts has led to skepticism regarding capital deployment in the market [8].