Woofun AI reports that Bitcoin has declined nearly 30% year-to-date, underperforming U.S. Treasury bonds, silver, and the Swiss franc. The analysis attributes the downturn to supply mechanisms rather than risk sentiment, drawing parallels to the adjustment periods of 2014, 2018, and 2022. A full replication of the 2022 model suggests a cycle low between $38,000 and $39,000. Despite record-low volatility in 2025, the rolling correlation between Bitcoin and gold rose in Q2 2026 as both faced sell-offs. Bitwise noted that fundamentals support a potential recovery, while NYDIG identified the CLARITY Act as a key catalyst for the digital asset industry.