Bitcoin's surge to $90,000 falters, bearish sentiment in the market intensifies

Bitcoin's failure to return above $90,000 has weakened investor confidence and intensified bearish sentiment. Georgii Verbitskii, founder of the non-custodial Web3 platform TYMIO, stated, "In the short term, Bitcoin's weakness stems from a lack of interest from large institutions at current price levels." He pointed out that geopolitical uncertainty has led investors to adopt defensive strategies.

Ryan Li, co-founder of Surf, added, "Even strong-performing altcoins are struggling, such as Avalanche, which has dropped about 66% since last September, despite having collaborated with institutions like JPMorgan and WisdomTree. This shows that the market's tolerance for altcoins is very low." Verbitskii noted that gold has become the focus of the market, attracting major safe-haven funds and marginalizing Bitcoin. He believes this is not a "systemic change" caused by panic, but rather a revaluation of Bitcoin as a non-preferred asset during this period. However, once large funds re-enter the market, sentiment could change. Until then, he expects market sentiment to remain uncertain.