**[Bitfinex Report: BTC Experiences Volatility During Risk Repricing Cycles, But Long-Term Drops of 70–80% May No Longer Occur]** According to a report by Bitfinex, as reported by Jinse Finance, Bitcoin, despite its unique monetary attributes, typically fluctuates alongside global stock markets and high-growth thematic assets during risk repricing cycles. This is not a judgment on Bitcoin itself but rather a result of portfolio rebalancing and liquidity management. For instance, the recent simultaneous decline of Bitcoin and risk assets reflects investors adjusting their exposure to AI and other assets. Tether CEO Paolo Ardoino pointed out that compared to previous cycles, the Bitcoin market now has deeper liquidity, greater institutional participation, and regulated investment tools (such as spot ETFs), making it more resilient under pressure. By 2026, Bitcoin may experience volatility due to shifts in AI sentiment or risk repricing events. However, due to increased institutional holdings and improved market structure, the prolonged price drops of 70–80% seen in past cycles are unlikely to occur. Bitcoin's long-term resilience and market structure are strengthening, solidifying its position in global asset allocation.