CoinMeta data: After reaching a historic high of $126,000 on October 6, 2025, Bitcoin (BTC) has now fallen back to $85,453, representing a decline of 32%. Compared to previous bear markets, this decline is relatively mild. According to the calculations of CoinDesk, Bitcoin fell by 69.7% within a year after its peak in 2013, by 82.3% in 2017, and by 74.6% in 2021. The lowest point of this bear market occurred on June 30, 2026, with a price just below $59,000, marking a decline of over 53%. A notable feature of this bear market is the smaller percentage of decline, and the worst moments seemed to arrive earlier than usual. Tim Sun, a senior researcher at HashKey Group, stated that the duration of this current bear market has significantly been shortened, and the market has not triggered the negative feedback cycles seen in the past. Unlike previous bull markets that were mainly driven by retail investors and leverage, the upward trend from 2023 to 2025 was primarily driven by institutional capital inflows. Despite the significant adjustments in the market, it did not lead to a continuous negative feedback cycle.