After briefly touching $90,000 yesterday, Bitcoin was pushed back today, falling below $87,000 with an intraday decline of nearly 4%. The entire crypto market has also become lively, with major sectors collectively declining.

According to SoSoValue data, no sector has escaped this round of decline. Within 24 hours, all types of assets dropped more than 3%, with SocialFi, Layer2, AI, RWA, and NFT sectors suffering the worst, each falling over 5%.

Institutions are also voting with their feet. The latest data from CoinShares clearly shows that last week, digital asset investment products experienced a net outflow of $446 million. Starting from October 10, a total of $3.2 billion has flowed out. Specifically, Bitcoin spot ETFs saw an outflow of $782 million last week, and Ethereum spot ETFs saw an outflow of $102 million, marking the third consecutive week of net outflows. This indicates that institutional investors' sentiment has not yet recovered.

However, the market has become accustomed to this. Since the flash crash on "10.11," the crypto market has been oscillating within a downward channel for nearly three months. Bitcoin has been sliding from its high point, with each rebound appearing weak. After a series of blows—long-term holders selling off in large quantities, ETF funds continuously flowing out, and digital asset reserves retreating—the market's confidence is indeed lacking.