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)