Bitcoin struggles around $86,000 today, having plummeted 30% from the peak of $126,000 in October. The total global crypto market cap has evaporated to $2.94 trillion, with a 24-hour decline of 4%. The Fear and Greed Index has plunged directly to 11, indicating extreme fear. This wave of decline is no longer just a technical correction.

To be honest, this so-called institutional bull market has been a joke from the start. After the ETF approval, Wall Street bigwigs went wild with bullish sentiment, and retail investors bought in at high prices. Now, here we are: BTC ETF experienced a net outflow of $277 million in a single day, and ETH ETF has bled $224 million for four consecutive days. Institutional players are racing to exit, leaving retail investors with a mess.

Ironically, those mining companies, like MicroStrategy, have plummeted 54% and are forced to pivot to AI data centers. The once-hyped Bitcoin strategic reserves have now become the biggest burden. As liquidity dries up at the end of the year, coupled with institutional rebalancing, this bear market is likely just beginning.