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NYDIG: The decline in Bitcoin is due to multiple factors including AI, tech IPOs, quantum computing, and Strategy sales.

MarsBitNews
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Mars Finance News, according to CoinDesk, NYDIG Global Research Director Greg Cipolaro stated that Bitcoin's decline is not due to a single reason but results from multiple factors stacking up. The AI sector continues to drain funds from the crypto market, and investors are preparing for major tech IPOs such as SpaceX, OpenAI, and Anthropic, with institutions needing to raise cash or reduce existing positions. The U.S. Treasury Secretary claimed to have seized approximately $1 billion worth of Iran-related crypto assets, sparking concerns over government intervention in the digital asset market. Quantum computing threats have once again become a focus of attention; Strategy sold 32 BTC, which is negligible on the supply side but has a greater psychological impact. Cipolaro pointed out that on-chain indicators show several metrics approaching historical bottom levels, with the MVRV ratio dropping to 1.2, and the proportion of profit-bearing supply recently falling below 50%. However, the current 53% retracement is far below the 75%-90% levels seen in previous cycles, only 242 days from the peak. This suggests either institutions have fundamentally changed Bitcoin's cycle behavior or the market has not truly entered the capitulation phase.
BTC2.05%
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