Industry insiders point out that the weakness of Bitcoin in 2025 is primarily due to the tightening of the US dollar credit environment. Although Bitcoin once surged to a level of $126,000 earlier, the momentum was insufficient after this rally, and liquidity pressure became the main constraint. From a macro perspective, the tightening of US dollar credit directly affects market risk appetite. However, from a longer-term cycle view, analysts believe that the liquidity environment is expected to improve in 2026, which could create conditions for Bitcoin's rebound. In other words, the current adjustment may just be a short-term pause in the cycle, and attention should still be paid to US dollar policies and liquidity trends.