Bitcoin Halves in Value After Nine Months as Institutional Investors Turn Away

Bitcoin has fallen to half of its value compared to its peak last October. Analysts suggest that this decline is occurring as investor interest diminishes rather than due to major adverse events. Despite discussions in the U.S. Congress about the institutionalization of digital assets and expectations for regulatory improvements, Bitcoin has not been able to escape its downward trend. Bloomberg analyzed that changes in institutional investors' behavior, strategic adjustments, and regulatory uncertainties have collectively contributed to this decline cycle. The narrative of Bitcoin as 'digital gold' has weakened, failing to serve as a safe asset, leading investment funds to shift towards AI-related tech stocks and prediction markets. The strategy sold 32 Bitcoins for the first time since December 2022, resulting in a drop of over $10,000 in Bitcoin's price. Regulatory uncertainties are also dampening investor sentiment, and discussions on the establishment of a digital asset market clarification law are dragging on. The Democratic Party opposes the bill, arguing that it could expand the digital asset market.

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