Analysis: Three Major Structural Factors Amplify the Current Bitcoin Downtrend
According to Odaily, Bitcoin has recently experienced a sharp sell-off, retreating more than 50% from its historical high of approximately $126,200 in October 2025. Analysts believe that three major structural factors have amplified this round of decline:
1. Some opinions suggest that Asian capital may have triggered this round of sell-off by borrowing low-cost yen and establishing highly leveraged long positions in Bitcoin ETF-related options and crypto assets. When Bitcoin stopped rising and financing costs increased, this triggered margin calls and passive selling, exacerbating the market downturn;
2. Some banks may have been forced to sell assets due to risk hedging of Bitcoin structured products, creating a "negative Gamma" effect and amplifying 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)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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