A new low is driven by the re-pricing of funding costs

Many people attribute the decline of BTC to industry issues, but the deeper reason often lies at the macro level—funding costs. Over the past few years, global liquidity easing has generally inflated risk asset valuations, and when interest rates rise and the dollar remains strong, valuation systems are compressed overall, making it difficult for the crypto market to move independently upward.
Bitcoin is inherently a high-volatility risk asset. During periods of tightening liquidity, institutions tend to prioritize reducing their exposure to such assets. It's not about being bearish on the technology but managing reporting fluctuations. This kind of “passive deleveraging” is more damaging than active bearishness.
Additionally, the cost structure for miners and on-chain participants is also changing. When prices fall below some miners’ cost thresholds, selling pressure and hash rate adjustments can create short-term negative feedback. But this is also part of market self-regulation, which has occurred multiple times in history.
It’s worth noting that capital withdrawal often happens quickly at first and then slows down. When macro expectations stabilize, even if there’s no shift to easing, as long as there’s no further tightening, the market may enter a recovery phase.
Therefore, a new low is sometimes not a sector retreat but the result of global funds recalculating risk-reward ratios. #比特币创下熊市新低