Woofun AI notes that Bitcoin (BTC) remains under pressure below $60,000, having retreated approximately 53.9% from its historical high exceeding $130,000. Bitfinex analysts observe a structural withdrawal from the spot market, driven by persistent ETF fund outflows and significantly cooled demand from crypto treasuries. The current decline is attributed to ETF liquidations, stop-loss orders from short-term holders, and capital outflows, with institutional buying support weakening. While the realized price near $53,400 may serve as technical support, scenario analysis suggests BTC could test the $40,000 range based on four-year cycle patterns and diminishing returns. A recovery in spot demand is required for the asset to bottom out; otherwise, short-term downward risks persist.