Recently, the price of Bitcoin has dropped, with long positions being liquidated by over $430 million. This decline coincides with the end of five consecutive days of net inflow for spot ETFs, recording an outflow of $438 million on Monday, while MicroStrategy also fell by 4.4%.

As the US holidays approach and without immediate catalysts to drive prices up, Bitcoin's path towards the $100,000 level has stagnated. Additionally, ETH implied volatility has shifted towards put options rather than call options, raising concerns about downside risks, especially with the upcoming release of the Federal Reserve's FOMC meeting minutes and PCE data.

However, in the long run, this market decline is not an excessive pullback. Bitcoin has merely retraced to levels seen at the beginning of last week. Since Trump's election victory, the market has become extremely overbought and leveraged, making it inevitable for a pause and correction to occur!