Bitcoin is heading for its fourth annual decline in history, and for the first time without coinciding with a major scandal or systemic industry collapse. Analysts point out that this decline is occurring against a backdrop of increased institutional participation, a maturing regulatory environment, and public support from US President Trump for the crypto industry, which has surprised the market. After reaching an all-time high above $126,000 in early October, Bitcoin has quickly fallen back, currently experiencing low trading volume as investors continue to withdraw funds from related products. Data shows that since October 10th, US-listed Bitcoin spot ETFs have seen net outflows of over $5.2 billion, with market depth decreasing by approximately 30% from its year-to-date high, indicating a significant lack of willingness in the derivatives market to bet on a rebound. Unlike previous bear markets, this correction is not triggered by exchange collapses, regulatory crackdowns, or systemic risk events. The previous three major annual declines occurred during the Mt. Gox crash (2014), the ICO bubble burst (2018), and the industry crisis triggered by the FTX incident (2022). Analysts point out that Bitcoin has shown signs of "decoupling" from US stocks during this round of decline. The S&P 500 has repeatedly hit new highs this year, with a year-to-date gain of approximately 16%, with technology stocks performing particularly strongly, while Bitcoin has continued to face pressure. Apollo Crypto stated that despite numerous positive factors, the lack of sustained price follow-through reflects a significant weakening of market sentiment. Overall, this round of Bitcoin correction appears more like a reallocation of funds and a decline in risk appetite against the backdrop of high levels, rather than a panic sell-off triggered by a single event. (Bloomberg)