Bitcoin’s recent price plunge below $91,000 for the fourth time in 2025, dropping by 16%, has fueled speculation about further losses. Arthur Hayes, founder of BitMEX and CIO at crypto fund Maelstrom, warns that Bitcoin could plummet to as low as $70,000 due to a lackluster yield offered by CME Futures markets. 2025’s bearish trends in the BTC market were partly triggered by the decline in CME futures basis after the US election. Hayes believes this is due to large funds unwinding positions as a result of a decrease in yield on these markets. The CME Bitcoin Basis has fallen to pre-bull market levels seen in late 2023, highlighting a less bullish sentiment around Bitcoin Futures. Other analysts have attributed Bitcoin’s struggles to macro uncertainties affecting both traditional and crypto markets. Bitfinex observed that the recent downturn is exacerbated by Bitcoin’s increased correlation with stocks and overall risk aversion due to the declining S&P 500 index. Chris Burniske, a partner at crypto VC Placeholder, argues that the current dip in Bitcoin prices is a typical mid-bull run correction seen during the 2021 bull market, highlighting its historical pattern of retracements. Crypto analysts have also noted similarities between the current Market Value to Realized Value ratio (MVRV) for Bitcoin and the levels observed at the local top early in 2024, raising the possibility of a similar cycle top if this metric crosses above 3. A loss of support around the $91,000-$90,000 level would be significant, potentially signaling a shift in the BTC market structure.