Bitcoin Down 40% Since Oct 2025 While Every Other Asset…

Bitcoin has shed nearly 40% since October 2025 while every major asset class — equities, gold, AI and tech stocks — has posted gains, a divergence that analysts are calling either a structural breakdown or the most coordinated manipulation in crypto's history. The token has also fallen out of the top 10 largest assets globally, a symbolic milestone that has rattled sentiment across the market.

Fidelity Digital Assets research analyst Zach Wayright offered a counterpoint rooted in supply dynamics: five public companies now collectively hold close to 1 million BTC, while fewer than 1 million Bitcoin remain to be mined. Fidelity projects that cohort could reach 2 million BTC by Q2 2029, against roughly 500,000 mineable coins remaining — a tightening supply squeeze that the firm says marks Bitcoin's entry into an era of scarcity.