GSR co-founder Rich Rosenblum stated that Bitcoin's drop below the 200-day moving average triggered a liquidation of leveraged long positions and attracted traders to establish short positions, indicating that Bitcoin is approaching the bottom of its long-term trend channel.
Since October 21, Bitcoin has fallen by approximately 25%. From October 30 to November 13, US spot Bitcoin ETFs saw net outflows of nearly $3 billion. The market was also affected by rising interest rate expectations, risk aversion in the AI sector, and the Binance hack.
Richard Galvin, executive chairman of DACM, believes that Anthropic's upcoming IPO may shift funds away from the cryptocurrency space, which remains a short-term funding source for retail investors. (Source: Bloomberg)
