彭博社：Bitcoin's decline exposes market fragility as retail investors flee

Odaily Planet Daily News: Bitcoin's latest downturn has exposed the costs of scale and legitimacy brought by Wall Street, as the retail buyers who once helped absorb sharp sell-offs have largely disappeared. According to Deutsche Bank AG data, with many investors rotating into AI-related investments, the pool of new retail buyers has essentially dried up, and institutional demand is beginning to lose momentum.

Analyst Marion Laboure stated that marginal buyers are no longer retail investors, but ETF allocators or corporate treasury departments, with investors withdrawing over $6 billion from Bitcoin ETFs. Currently, Bitcoin is trading below Strategy's average cost of $75,699, and the market has begun to price in the possibility of forced liquidations by leveraged corporate holders. Retail participation has stalled, and prices are increasingly influenced by institutional flows and AI competition. (Bloomberg)