PANews reported on February 5th that, according to CoinDesk, Deutsche Bank stated in a report that Bitcoin's recent decline reflects a loss of market confidence rather than a collapse of market structure. The report identifies three main factors contributing to the decline: continued institutional outflows, decoupling from traditional market anchors, and weakening regulatory momentum. Nevertheless, the report argues that the current phase represents a market reset, testing whether Bitcoin can transcend belief-driven rallies and regain support from regulators and institutional capital.

The report shows that since peaking in October 2025, Bitcoin has fallen by over 40%, marking four consecutive months of declines, while gold has risen by over 60% and the stock market has rebounded, highlighting a significant weakening of the correlation between Bitcoin and gold and stocks. Institutional selling pressure is a direct source of stress. US spot Bitcoin ETFs have recorded net outflows since October of last year, with outflows exceeding $7 billion in November, and approximately $2 billion and $3 billion in December and January, respectively. Trading volume has subsequently shrunk, making prices more prone to sharp fluctuations. Delayed regulatory progress has also exacerbated market volatility. The bipartisan "Digital Asset Markets Clarity Act" stalled in Congress due to disputes over stablecoin provisions, causing Bitcoin's 30-day volatility to rise above 40%, approaching levels seen at the end of October last year. Furthermore, market sentiment indicators show that retail interest is cooling.