Is This a Blow-Off Top or a Normal Bull Pullback?

Bitcoin is crashing back into bear-market territory, erasing all of 2025’s gains as more than $1.1B in liquidations, massive outflows from digital-asset funds, and deepening global fear grip the markets. Stocks are sliding worldwide, AI-bubble warnings are growing louder, Barclays says risk sentiment is overheating, and Japan’s tightening bond market is adding fresh macro pressure.