According to BlockBeats, QCP published its daily view stating that Bitcoin has fallen below $93,000, with over $430 million in long positions being liquidated. This drop coincided with the end of a five-day trend of net inflows for spot ETFs, which recorded a net outflow of $438 million on Monday, while MicroStrategy's stock price fell by 4.4%.
Previously, MicroStrategy purchased a record $5.4 billion worth of Bitcoin last week. With the U.S. holiday approaching and no immediate catalysts to drive prices higher, Bitcoin's path to the symbolic $100,000 level has temporarily stalled.
The implied volatility of Ethereum is heavily skewed towards put options, reflecting a market sentiment similar to Bitcoin, as the market adjusts. With the Federal Reserve's meeting minutes tonight and Wednesday's Personal Consumption Expenditures (PCE) data approaching, concerns about downside risks may intensify. However, overall, this is not an excessive pullback. Bitcoin has merely retraced to the levels seen at the beginning of last week. Since the election, the market has become extremely overbought due to excessive leverage, so a correction is inevitable.
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QCP: The market has become extremely overbought due to excessive leverage, so a correction is inevitable.
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BTC
92,843.98
-4.56%
ETH
3,331.8
-3.54%
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