As investors reassess risk across digital assets, the bitcoin market is navigating a deep drawdown even as structural participation and on-chain liquidity remain notably resilient. Crypto markets remain in a sustained de-risking phase, shaped by macro headwinds, a holding Federal Reserve, fiscal uncertainty, and AI-driven capital rotation that has pushed BTC to a roughly 52% decline from its October 2025 all-time high. However, the key question is gradually shifting from how far prices can fall to when fresh demand returns.