#比特币价格预测 Recently, a clear signal has emerged from monitoring data on mining companies: this downturn is not an isolated phenomenon but a systemic pressure. The litigation risk for Bitdeer, the underwhelming profits of CleanSpark, and TeraWulf's stock price weakening after financing—all point to the same issue: the market's expectations for the crypto ecosystem are being revised.

The key variables are policy uncertainty and legislative delays. When the macro environment is ambiguous like this, institutional investors tend to adopt a wait-and-see approach, and even new product launches by Coinbase or increased holdings by ARK are unlikely to change the overall trend. As important on-chain liquidity participants, the weak performance of mining companies directly reflects a cooling of market sentiment.

From a data perspective, two areas need to be monitored now: first, the actual changes in institutional holdings (not just announcements), and second, the adjustments in miners' hash rates and mining cost data. If costs start to come under pressure, more chain reactions may follow. In the short term, this sluggish pattern is expected to persist, and signs of a rebound will only appear when there are clear signals from policy developments.