Analysis: Three Structural Factors Amplify This Round of Bitcoin's Decline

Odaily News Bitcoin recently experienced a sharp sell-off, retreating more than 50% from its all-time high of around $126,200 in October 2025. Analysis suggests three structural factors have amplified this round of decline:

1. Some views suggest Asian capital may have been the trigger for this sell-off. By borrowing low-cost yen and establishing highly leveraged long positions through Bitcoin ETF-related options and crypto assets, when Bitcoin stopped rising and financing costs increased, it triggered margin calls and forced selling, exacerbating the market decline.

2. Some banks may have been forced to sell assets due to risk hedging for Bitcoin structured products, creating a "negative Gamma" effect that amplified the downward momentum.

3. Some mining companies are shifting to AI data center businesses while selling Bitcoin assets, leading to structural changes in the Bitcoin mining industry. (Cointelegraph)