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].

Core Viewpoint - The cryptocurrency market is experiencing significant declines, with Bitcoin dropping below $95,000 and Ethereum also facing substantial losses, indicating a bearish trend in the market [1][6]. Market Performance - Bitcoin fell to $94,301.3, marking a 5.44% decrease [1]. - Ethereum decreased by 2.23%, trading at $3,103.22, with a total market cap of $380.71 billion [4]. - Dogecoin and Cardano also saw declines of 2.55% and 4.87%, respectively [4]. - Over the past 24 hours, more than 226,000 traders were liquidated, with a total liquidation amount of $1.077 billion (approximately 7.6 billion RMB) [5]. Market Sentiment and Analysis - Analysts attribute the recent downturn to renewed risk aversion and sell-offs in tech stocks, leading to a loss of support from large investment funds and corporate treasurers [6]. - 10X Research indicates that the cryptocurrency market has entered a confirmed bear market phase, with weakening ETF inflows and ongoing selling by long-term holders [6]. - The next key support level for Bitcoin is identified at around $93,000 [6]. Macro Economic Factors - The end of the U.S. government shutdown has raised concerns about missing key economic data, which may influence the Federal Reserve's decision on interest rates [7]. - Hawkish comments from several Federal Reserve officials regarding inflation and interest rates have added pressure to the cryptocurrency market [7]. - The withdrawal of institutional support and the shift in market sentiment towards a defensive stance are seen as critical factors affecting liquidity in the cryptocurrency market [7].

Core Viewpoint - Bitcoin has fallen below the $100,000 mark amid deteriorating risk sentiment on Wall Street and significant sell-offs in tech stocks, leading to a loss of over $450 billion in market value since early October [1][3]. Group 1: Market Sentiment and Trends - The cryptocurrency market has entered a "confirmed bear market" phase, indicated by weakening ETF inflows, ongoing selling by long-term holders, and low retail investor interest [3]. - Bitcoin's next key support level is set at approximately $93,000, as identified by 10x Research [3]. - The correlation between Bitcoin and traditional assets has increased, contributing to its price decline in the absence of positive narratives for cryptocurrencies [3]. Group 2: Derivatives Market and Investor Behavior - There is a rising demand for put options with strike prices below $100,000, particularly around $90,000 and $95,000, indicating heightened hedging activity among investors [4]. - Despite Bitcoin's year-to-date increase of about 5% and a projected rise of over 40% post-2024 U.S. elections, its upward momentum has significantly slowed, with institutional interest waning [4]. - A pivotal moment occurred in early October when nearly $19 billion in crypto leverage positions were liquidated in a single day, triggering a chain reaction of price declines [4]. Group 3: Historical Context and Future Outlook - Historical data suggests that the current downtrend may not have reached its bottom, with previous bear markets in 2024 and early 2025 resulting in declines of 30% to 40% [4]. - Bitcoin has retraced over 20% from its 2025 peak, which is insufficient to signal a true bottom [4]. - The market is currently operating below key long-term moving averages, which have historically indicated turning points in the crypto cycle, suggesting ongoing momentum decay [4].