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Core Viewpoint - The cryptocurrency market has experienced a significant downturn, with Bitcoin witnessing its largest weekly drop in three years, attributed to macroeconomic factors and a loss of faith in previous narratives supporting its value [4][6][22]. Group 1: Market Dynamics - Bitcoin's price fell by 13% on February 5, marking its largest single-day drop since June 2022, and dipped below $61,000 [4]. - The immediate trigger for the decline was a sharp drop in silver and gold prices, which led to a broader sell-off in risk assets, including cryptocurrencies [6]. - The market's volatility has been exacerbated by external macroeconomic factors, despite the underlying "four-year cycle" theory still being relevant due to Bitcoin's halving mechanism [6][7]. Group 2: Investor Behavior - Prominent investors, including Yi Lihua, faced substantial losses, with Yi reportedly selling 400,000 Ethereum for a loss of $700 million, highlighting the risks faced by major players in the market [5][15]. - Traditional investors, who entered the market through Bitcoin ETFs, have also been significantly impacted, with large outflows observed during market volatility [18][20]. - The total assets under management for Bitcoin ETFs peaked at approximately $168 billion in October 2025, coinciding with Bitcoin's price surge to over $120,000 [19]. Group 3: Narrative Collapse - The previous bullish sentiment was largely driven by narratives surrounding Trump's pro-cryptocurrency policies and the MicroStrategy corporate treasury model, which have now lost their grounding [7][27]. - The current downturn is characterized by a lack of substantial innovation in the cryptocurrency space, leading to a reliance on narratives that have proven unsustainable [22][29]. - Analysts suggest that the market is now facing a "de-mystification" phase, where the absence of innovative applications has left the market vulnerable to liquidity withdrawal [7][22]. Group 4: Future Outlook - The cryptocurrency market is entering a new winter, with Bitcoin's price nearly halving from its peak of over $120,000 to around $68,000 [23][31]. - Some investors are beginning to buy the dip, indicating potential for recovery, although the timeline for a return to previous highs remains uncertain [31].