📉 Bitcoin falls below $60,000: Wintermute reveals the truth behind the crash, volatility may extend
The cryptocurrency market is facing its most severe challenge since 2022. Bitcoin has dropped nearly 50% from its historical high of $126,000 in October 2025, falling below the important psychological threshold of $60,000.
Top market maker Wintermute has conducted an in-depth analysis of this "perfect storm". Here are the core reasons leading to the market crash:
🔍 Key factors behind the crash:
Federal Reserve personnel changes: Kevin Warsh's nomination as Federal Reserve Chairman has raised market concerns about future monetary policy tightening. Poor performance from tech giants: The "Magnificent Seven" quarterly reports have underperformed, with Microsoft’s stock price dropping 10% in a single day, severely denting investor risk appetite. Collapse of the precious metals market: Silver plummeted 40% in just three days, triggering a liquidity crisis and risk-averse sentiment across asset classes. The siphoning effect in the AI sector: Capital has massively flowed into the artificial intelligence field, and the overheating of the AI industry has consumed the liquidity that originally supported the crypto market.
📊 What do the data reveal?
US institutional selling pressure: OTC data shows that while ETFs continue to buy, large US institutional trading counterparties are actively selling BTC. Coinbase discount: The discounted status of Coinbase indicates that the selling pressure in the Western market is structural. Exhaustion of institutional demand: The institutional frenzy driven by the November 2024 elections has clearly slowed, and signs of outflows from ETFs have begun to appear.
🔮 Future Outlook
Wintermute predicts that the market will enter a long period of severe volatility. Before valuations in the AI sector return to rational levels and US macroeconomic clarity emerges, it will be difficult for Bitcoin to quickly return to the peak above $100,000.
💬 Do you think $60,000 is the bottom, or will it decline further? Feel free to share your views in the comments! 👇
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