Bitcoin peaked at $126,000 on October 6, 2025, before falling to around $62,600 by August 2026, nearly halving in value. Washington reversed course: the GENIUS Act created federal stablecoin rules in July 2025, the SEC dismissed seven crypto cases, and a Strategic Bitcoin Reserve was established in March. These changes removed legal risk, yet US spot Bitcoin ETFs recorded $3.3 billion in net outflows for 2026, with Citigroup cutting its inflow forecast from $10 billion to zero. Institutional buying and corporate treasuries, expected to absorb supply, proved to be a two-way market where investors sell as easily as they buy, with Strategy selling 3,588 Bitcoin for $216 million to meet preferred-stock obligations.
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