Despite robust institutional backing and favourable policy signals, Bitcoin has delivered a sharp reality check for Wall Street’s faith in crypto.

After soaring past US $126,000 in October, Bitcoin has plunged roughly US $600 billion in market value within weeks, briefly erasing its 2025 gains.

The downturn is striking not only for its size but also for its swiftness and lack of a clear trigger.

Market watchers note that despite exchange-traded funds, broad institutional flows and bullish regulatory posture, the crypto rally stalled.

Bitcoin’s behaviour is increasingly being read as that of a macro asset rather than a pure digital-native play.

It is now moving in sync with liquidity shifts, dollar dynamics and policy signals, raising doubts about earlier narratives that framed the ass

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