According to ChainCatcher, Bitfinex analysts said that the reduction in institutional activity in the summer has increased selling pressure, and Bitcoin liquidity will decline accordingly.

Analysts added that data shows that profit-taking by long-term Bitcoin holders continues. Analysts added: "Even for those who have held Bitcoin for 3-4 years, we see that the long-term holder group is still continuing to hedge and exit spot positions. This is either due to oversupply from German law enforcement, sales from Mt. Gox, or a general lack of confidence in market strength."