Selling by Long-Term Holders & Whales: On-chain data indicates persistent selling pressure from long-term holders and major whales (those holding between 10 and 10,000 BTC), which has systematically stripped away buying momentum and left prices lingering near critical psychological support levels.

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Institutional Outflows & Supply Overhang: The market has experienced a grueling multi-day outflow streak from U.S. spot Bitcoin ETFs, withdrawing billions in capital.

Compounding this, sentiment was highly dampened by reports of MicroStrategy reducing a minor portion of its Bitcoin holdings to fund dividend payments on preferred shares a move that, while structurally small, carried major bearish symbolic weight for investors
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