Bitcoin is currently trading 42% below its all-time high of $126,198.07 set in October 2025, which may prompt long-term holders to exert selling pressure. Despite the price decline, key fundamentals remain strong: both node count and hash rate are near all-time highs, and on-chain transaction volume is projected to reach $3.6 trillion in 2025. Bitcoin's integration with traditional finance continues, exemplified by the success of spot ETFs such as the iShares Bitcoin Trust under BlackRock, which can generate $137 million in annual trading fees. Major financial institutions are expanding custodial and trading services, underscoring Bitcoin's long-term application prospects and upside potential in the institutional market.

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