According to BlockBeats, on November 26, QCP released a daily outlook stating that Bitcoin has fallen below $93,000, with over $430 million in long positions being liquidated. This drop coincides with the spot ETF ending a five-day trend of net inflows, recording a net outflow of $438 million on Monday, while MicroStrategy's stock price fell by 4.4%.
Previously, MicroStrategy made a record purchase of $5.4 billion worth of Bitcoin last week. With the US holiday approaching and no immediate catalysts to drive prices higher, Bitcoin's path to the symbolic $100,000 mark has temporarily stalled.
Ethereum's implied volatility has significantly skewed towards put options, reflecting a similar market sentiment to Bitcoin, as the market adjusts. With the Fed meeting minutes tonight and Wednesday's Personal Consumption Expenditures (PCE) data approaching, concerns over downside risks may intensify.
However, overall, this is not an excessive pullback. Bitcoin has only retraced to the levels seen earlier last week. Since the election, the market has become extremely overbought due to excessive leverage, so a correction is inevitable.
