Wall Street giants speak out: Bitcoin's pullback is a correction, not a winter; these short-term factors are causing trouble.

【BlockBeats】 Recently, the Bitcoin price correction has caused concern among many, but a major Wall Street firm just released a research report that brought some reassurance to the market—this downturn is not a sign of an upcoming crypto winter, but rather a “healthy correction.”

They broke down several short-term factors behind this sell-off. First, there has been outflow of funds from ETFs, mainly related to basis trade liquidations. Then, leveraged long positions were overplayed and subsequently liquidated, causing a sharp decline—everyone understands this chain reaction. Additionally, as year-end approaches, liquidity is tight, market depth is insufficient, and volatility naturally increases. Most importantly, with the Federal Reserve’s upcoming policy meeting, the macro environment remains weak, causing investors to adopt a wait-and-see attitude.

However, the report emphasized one point: these are surface phenomena; the underlying demand in the crypto market has not collapsed. Institutional funds are still flowing in, the progress of on-chain assets in the real world is advancing, and the hype around tokenization remains strong.

Their conclusion is clear—this is a phase adjustment, the market structure is intact, and there is no talk of returning to a bear market. Such times might even be an opportunity window for observing and entering the market.