This article first appeared on GuruFocus.

Bitcoin’s (BTC-USD) blistering rally has flipped into a retreat that could be telling investors something deeper about the market’s mood. After reaching a record $126,251 on Oct. 6, the token has now slipped below $93,714, erasing the more than 30% gain it had built since the start of the year. The shift came as optimism around President Donald Trump’s pro-crypto posture softened and his unexpected tariff comments sent global markets wobbling. By early Monday in Singapore, Bitcoin was hovering near $94,869, though traders say the broader setup seems to reflect a market leaning risk-off rather than panic-driven.

• Warning! GuruFocus has detected 6 Warning Signs with NVDA.

• Is BTC-USD fairly valued? Test your thesis with our free DCF calculator.

For most of the year, institutional buyers were the backbone of Bitcoin’s legitimacy, pouring more than $25 billion into ETFs and pushing assets in the group toward roughly $169 billion. That steady flow could be fading for now, with allocators stepping aside and corporate treasuries appearing less aggressive. Analysts describe a mix of profit-taking, macro uncertainty, and leveraged positions being flushed out a combination that could be draining the fuel behind Bitcoin’s previous momentum. Even Michael Saylor’s Strategy Inc., once the symbol of corporate Bitcoin conviction, is seeing its stock trade close to the value of its underlying holdings, a signal that investors may not be paying up for high-conviction leverage at this stage of the cycle.

The broader tone across the crypto community could be shifting as well. October’s surprise tariff announcement from Trump triggered record liquidations on Oct. 10, and the psychological fallout from that moment may still be influencing large players. Smaller tokens are feeling the pressure even more, with a MarketVector gauge of the bottom half of major digital assets down around 60% this year. Conversations across Telegram groups, conferences, and trading desks point to cautious capital deployment and a market waiting for its next credible catalyst. For now, the pullback might be less about crisis and more about a market catching its breath after a rapid run higher.