[Analysis: Bitcoin Halves from Historical High, Three Structural Factors Amplify This Round of Decline] Deep Tide TechFlow reports, on February 7, according to Cointelegraph, Bitcoin has recently experienced a sharp sell-off, retreating more than 50% from its historical high of approximately $126,200 in October 2025. Analysts believe three structural factors have amplified this round of decline: 1. Some opinions suggest that Asian capital may have been the trigger for this sell-off. By borrowing low-cost yen and allocating Bitcoin ETF-related options and crypto assets, high-leverage long positions were established. When Bitcoin stopped rising and financing costs increased, margin calls and passive selling were triggered, exacerbating the market downturn. 2. Some banks may have been forced to sell assets due to risk hedging of Bitcoin structural products, creating a "negative Gamma" effect and amplifying downward momentum. 3. Some mining companies are shifting to AI data center businesses while selling Bitcoin assets, leading to structural changes in the Bitcoin mining industry.