#比特币价格走势 Looking at this data, this round of Bitcoin correction is indeed quite interesting. From the high of $126,000 on October 12 to now, the market has not shown signs of panic selling, but rather an orderly reallocation of funds.

The most noteworthy signals:

**Most Direct Fundamentals** — Since October, the US spot ETF has experienced net outflows of over $5.2 billion. This figure indicates that institutional investors are exiting in an orderly manner, rather than fleeing in a panic. Low trading volume and a 30% decline in market depth reflect a systemic decrease in risk appetite.

**Decoupling Phenomenon Worth Considering** — The S&P 500 has gained 16% this year, reaching new highs, with tech stocks performing strongly, yet Bitcoin remains under pressure. This breaks the usual correlation logic, suggesting that Bitcoin is being re-priced, and the market is reassessing its role in investment portfolios.

**Most Unique Trigger Logic** — This is not due to exchange failures, regulatory crackdowns, or industry black swan events. Even with deep institutional participation, mature regulation, and favorable political and environmental conditions, the market still adjusts. This instead hints that the market is digesting fundamental disagreements rather than short-term emotional shocks.

The derivatives market’s insufficient bets on a rebound indicate that both bears and bulls are waiting and watching. Currently, it’s more about waiting for new signals rather than a one-sided directional opportunity.