QCP Capital published an analysis pointing out that the recent decline in Bitcoin prices has led to over $430 million in long liquidations. This drop coincided with the end of five consecutive days of net inflows for the spot ETF, recording an outflow of $438 million on Monday, while MicroStrategy also fell by 4.4%. As the U.S. holidays approach and without immediate catalysts to push prices up, the path for BTC to reach the $100,000 level is stagnating. Additionally, ETH implied volatility has shifted towards put options rather than call options, and concerns over downside risks may intensify, especially with the upcoming release of the Federal Reserve's FOMC meeting minutes and PCE data. However, from a long-term perspective, this market decline is not an excessive correction. Bitcoin has merely retraced to the levels seen at the beginning of last week. Since Trump's election victory, the market has become extremely overbought, with excessive leverage, making a pause inevitable.
