The biotech sector, as tracked by the SPDR S&P Biotech ETF ($XBI), has experienced significant declines, with a drop of approximately 22% since November 11th and a year-to-date decrease of 13%. The sector's downturn has been particularly pronounced in the last few days, with a 3% drop on a single day following a similar loss the previous day, totaling a 9% decline over two days. The $XBI's performance reflects broader challenges within the biotech industry, including a collapse in venture capital and private equity funding. The sector's struggles are also evident in the performance of the Biotechnology Clinical Trials Index ($BBC), which has fallen by about 44% since November 11th and 27% in the first quarter, highlighting the difficulties faced by clinical stage biotech companies. Despite the sector's overall negative sentiment, there are signs of resilience and potential opportunities. The $XBI recently bounced from multi-year support just over $76, and on a specific day, it saw a 2.3% increase, the first significant positive movement in some time. Additionally, the healthcare sector, which includes biotech, is noted for being a healthy portion of the M&A market, with experts expecting continued activity due to an aging population, rising costs, and advancements in AI and interoperability.