S&P Global published a research report indicating that since October 2025, Bitcoin prices have fallen by nearly half. As institutional investment has increased, Bitcoin price volatility, while showing a long-term downward trend, remains significantly higher than that of traditional assets.



The report points out that compared to other financial assets, Bitcoin's trading structure—including the perpetual futures market and automated liquidations mechanism—has intensified price volatility. At the same time, innovative products such as tokenized Bitcoin, ETFs, and Digital Asset Trusts (DATs) introduce additional risks beyond the assets themselves, including counterparty risk, custody risk, smart contract risk, and operational risk.
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