Greg Cipolaro: Bitcoin's decline is caused by a combination of multiple factors

According to CoinDesk, Greg Cipolaro, Global Research Director at NYDIG, stated that the decline in Bitcoin is not due to a single cause, but rather a combination of multiple factors. The AI sector attracts funds to flow out of the cryptocurrency market, as investors prepare funds for technology IPOs such as SpaceX, OpenAI, and Anthropic, and institutions may reduce their holdings. The US Treasury Secretary announced the seizure of approximately $1 billion in Iran related cryptocurrency assets, raising concerns about government intervention. The threat of quantum computing is receiving renewed attention, and Strategy's sale of 32 BTC has limited impact on supply, but significant psychological effects. On chain data shows that multiple indicators are approaching historical lows, with the MVRV ratio dropping to 1.2 and the proportion of profitable supply falling below 50%.