AI blood test + government seizure + quantum panic, all three hits happening simultaneously, on-chain data has already cooled to a historic low.

CryptoWorld News reports, citing CoinDesk, that Greg Cipolaro, head of global research at NYDIG, said the decline in Bitcoin is not due to a single reason, but rather the combined effect of multiple factors. The AI sector has drawn capital outflows from the crypto market. Investors are raising funds to prepare for tech IPOs such as SpaceX, OpenAI, and Anthropic, and institutions may be reducing their positions. In addition, the U.S. Treasury announced the seizure of approximately $1 billion in Iran-related crypto assets, sparking concerns about government intervention. Threats from quantum computing have also come back into focus again. Strategy’s sale of 32 BTC has limited impact on supply, but the psychological effect is significant. On-chain data shows that multiple indicators are nearing historical lows, with the MVRV ratio falling to 1.2 and the share of profit-making supply dropping below 50%.