*Bitcoin has fallen to $66,000, breaching multiple psychological thresholds. It has erased most of its gains since Trump's election and hit a new low in over a year. This is not a single bearish factor, but rather a classic repricing of risk assets.*
*First, the “digital gold” narrative is losing traction—as gold hits new highs and capital flows into traditional safe-haven assets, Bitcoin's simultaneous decline indicates mainstream investors still view it as a high-volatility risk asset, prioritizing its sale amid rising uncertainty. Second, macroeconomic and regulatory pressures are converging: heightened expectations for Fed hawkishness create a high-interest-rate environment unfavorable for cash-flow-less crypto assets; spot ETFs continue to see net outflows, lacking fresh capital inflows; regulatory progress has fallen short of expectations, ending the policy dividend trade. Additionally, a chain reaction of leveraged long positions liquidating combined with thinning liquidity has amplified the downtrend. In the absence of bargain-hunting capital, even minor selling pressure can trigger deep corrections.*#BTC $BTC
