QCP Capital: OG holders' profit pullback puts pressure on Bitcoin

PANews, November 3rd news, Singapore crypto investment firm QCP Capital published an analysis stating that the crypto market started off unstable in early November, with Bitcoin prices falling from 110,000 to 107,000 during the Asian trading session, continuing the downward trend. On-chain data shows that earlier today, OG holders transferred a large amount of Bitcoin to Kraken, which is a continuation of the outflow that began in October and may explain the first “red October” for Bitcoin since 2018. The recent dumping lacks obvious macro driving factors, even though other risk assets performed well under favourable information. Over the past week, market volatility has slightly increased, with a skew towards bearish options, but concerns about a significant drop in the market are relatively mild. Leverage has basically been cleared, and open positions in perpetual contracts are sluggish, with funding rates stable. Over the past month, the market has absorbed about 405,000 Bitcoin from OG holders, and the price has not fallen below $100,000. Although there has been a slowdown in the accumulation by listed companies and some small digital asset reserve companies are dumping, the spot price remains supported. The fluctuation and consolidation of Bitcoin have led to speculation in the market about whether this cycle is nearing its end, and whether this indicates the arrival of a new round of cryptocurrency winter is still unclear. Currently, long-term holders are taking profits, and institutional capital inflows and application promotions are solidifying the market foundation.