Bitcoin has fallen more than 25% in a month, trading around $94,932, as risk sentiment deteriorates in global markets.
Earlier in the day, it briefly slid to about $92,900, and it had topped $126,250 in early April before retreating.
The move underscores a broad shift toward risk-off assets in the crypto space.
Major altcoins also declined, with Ethereum down 0.77% to $3,182 and Ripple down 0.52% to $2.25.
Solana and Dogecoin fell 0.83% and 1.62%, respectively, in the same session.
Bitcoin-focused ETFs have seen net outflows of roughly $1.5 billion since mid-October, signaling waning investor appetite.
The market mood deteriorated further as the Fear & Greed index from Alternative.me registered Extreme Fear at 14, down from 15 the day before.
Analysts attribute the weakness to a mix of external factors.
First, fading expectations for a U.S. rate cut weighed on risk assets.
Second, large holders reportedly sold significant quantities, with about 815,000 BTC moved in the past 30 days.
Third, some expect the current downside to persist given the Bitcoin halving cycle, with the last halving occurring in April of last year.
Fourth, news that CanalCoin’s ecosystem was hacked, stealing around $200 million, added to negative sentiment.
With volatility likely to persist, observers say a year-end Santa rally appears unlikely.
Executives from KoBIT, Samsung Securities, and IM Securities noted that volatility may endure until clearer bullish catalysts emerge.
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