According to the media, after more than 50 per cent of Bitcoin's high point in October 2025, Belet did not consider that the fall had been undermined by long-term logic. According to the article, the market retreat is more the result of over-leveraging, the reallocation of funds, and the impact of expected changes in interest rates and tariffs on risk assets.
The main reason for the drop is to level the lever.
Bitcoin rose to about $126,000 in October 2025 and then fell around $60,000 in 2026. Belet linked the fall to high leverage in futures markets.
According to the article, the encrypted futures contract in the vicinity of the high point was once more than $90 billion, of which about 80 per cent came from the permanent contract market outside the Chiffon. As tariff shocks and expected changes in interest rates suppress risk preferences, the chain flattens the drop.
Belet also mentioned that some long-term holders had repositioned their warehouses near the critical integer of $100,000 and that the demand for Digital Asset Treasury had diminished, which together had increased sales pressure.
ETF money flow is wheeled
From the spot bitcoin ETP to October 2025, the cumulative net inflow of related products was about $60 billion. Since then, as market concerns shifted to other themes, there was a net outflow of over $5 billion.
According to the article, the AI thematic fund attracted over $46 billion during the same period. Bérédé argued that it was more like a market narrative swap, rather than an investor abandoning bitcoin altogether.
The demand on the chain is coming straight.
The long-term judgement of Beletbitcoin is not just whether prices continue to rise, but rather its place in a diversified portfolio over the next decade. The articles listed the reasons for the fixed supply of Bitcoin, the involvement of institutions through regulated ETPs, the more friendly regulatory environment for digital assets than in the past, and the fact that their performance may not be synchronized with traditional assets.
The updated 10-year combination analysis of Belet shows that the deployment of bitcoin of between 1 and 2 per cent in the traditional 60/40 combination may improve risk-adjusted returns. The results, however, remain highly dependent on sampling ranges and assumptions.
The article also cites CriptoQuant data stating that the spot demand for bitcoin has been on the right track for the first time since February. Glassnode also indicated that the more powerful holders of funds were increasing their bitcoin, and that there had been a significant increase in the number of highly convinced buyers near $60,000.
Additional information:The chain statistics referred to in the text are historical comparisons and are used mainly to observe changes in purchase boards and are not the same as the market has confirmed that the bottom construction has been completed.