Bitcoin Plunges 46% from October Peak as Market Anxiety Grows

Bitcoin has entered a significant downtrend, losing nearly half of its value since reaching its peak in October. According to data from CME Group, the leading cryptocurrency is currently down 46% from those record highs, sparking concerns about the underlying drivers of the selloff. While large corrections are a common feature of the volatile crypto market, analysts note that current explanations are failing to provide the usual reassurance to investors. This massive drawdown challenges medium-term confidence and suggests a sustained bearish momentum across the digital asset space. The impact is being felt across related instruments, including ETH/USD and major crypto-linked funds such as BITO and GBTC, as uncertainty continues to weigh on market sentiment.