Deutsche Bank says bitcoin’s selloff signals a loss of conviction, not a broken market

The German lender pointed to institutional outflows, fading liquidity and stalled regulation as the real drivers behind bitcoin’s slump. What to know : Deutsche Bank said bitcoin’s selloff reflects institutional ETF outflows, thinner liquidity and fading retail interest. The asset has decoupled from both gold and equities, leaving it exposed in a risk-off environment. Regulatory delays have reignited volatility, raising the bar for a sustainable recovery, the bank said.