Analysis: Bitcoin's recent decline shows signs of decoupling from the US stock market.

Odaily Planet Daily reports that Bitcoin is heading for its fourth annual decline in history, and the first time this correction has not coincided with a major scandal or a systemic industry crash. 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 hitting an all-time high above $126,000 in early October, Bitcoin has quickly fallen back, with trading volume currently low and investors continuing to withdraw funds from related products. Data shows that since October 10, US-listed Bitcoin spot ETFs have seen net outflows of over $5.2 billion, and market depth has decreased by about 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 was not triggered by exchange collapses, regulatory crackdowns, or systemic risk events. The three previous 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 states 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)