Encryption market clearing in October still not over! Buyers collectively retreat, Bitcoin may fall below $100,000.

Notice that, cryptocurrencies continued to be under pressure on Monday, with the trading price of Bitcoin dropping below $107,000. Other altcoins are struggling even more - a historic liquidation event three weeks ago shook the assets, leading to the closure of billions of dollars in leveraged positions. Charles Edwards, founder of Capriole Investments, pointed out that institutional demand for Bitcoin has fallen below the rate of new coin production for the first time in seven months. While this trend suggests that large buyers may be retreating, other activities indicate that the entire crypto market is showing a risk-averse attitude. The MarketVector index tracking the bottom 50 tokens among the top 100 digital assets has fallen for the third consecutive trading day, by 8.8%, with some tokens revisiting the lows from the flash crash in October. The index has dropped by about 60% this year. Bitcoin fell by 4.3% on Monday to around $105,300, but it has still risen by about 14% since December of last year. However, due to investors shifting towards risk assets more sensitive to macroeconomic trends, Bitcoin has lagged behind global stock markets in recent weeks, making it difficult for cryptocurrencies to gain a foothold in the overall positive global backdrop. In addition, the token associated with the blockchain project Ton, originally linked to the Telegram messaging app, fell by about 10%. Last week, the digital asset treasury management company TON Strategy Inc. revealed that it had received a warning from Nasdaq, stating that it did not meet shareholder approval requirements. The company's stock price fell by 4% on Monday, down 37% this year. The liquidation event in October resulted in approximately $19 billion in long positions being liquidated, and market participants say rebuilding capital will take time. Experts believe that investors are still waiting for signals confirming the price lows, and market sentiment remains cautious. Gerald Alexander, CEO of cryptocurrency trading and market-making firm Selini Capital, said, "The market needs to demonstrate that prices are about to build a solid bottom before attempting another breakout." He added that the cryptocurrency market is currently in a "hangover phase" after the October liquidation shock. While many see October as a turning point in cryptocurrency market volatility, some believe that the reasons for the overall weakness in asset prices are still unclear. Matthew Keemell, a digital asset analyst from CoinShares, said, "I find this pullback somewhat puzzling." While he agrees that the market is still "digesting the aftermath of the liquidation event," he also emphasized changes in supply-side indicators through movements in long-dormant wallets in Bitcoin's public trading records. "These tokens are starting to move, potentially re-entering the market to create selling pressure, as investors are taking profits," Keemell added, "This is a phenomenon I continue to monitor." Jack Hanley, Managing Director of Teucrium ETFs, pointed out that this is the reason for the downward trend in prices, with current technicals showing a market differentiation. "Prices continue to decline, with Bitcoin peaking and falling since this summer, and XRP clearly turning downward since mid-summer," he said, "In this process, the price trend shows that investors are taking profits."