en.bitcoinsistemi.com
The leading cryptocurrency Bitcoin ($BTC) experienced sharp and sudden declines after its last ATH on October 6.
At this point, Bitcoin, which fell below $ 100,000, could not escape the downward trend, and Fidelity analyzed the latest situation of $BTC.
Fidelity noted in its recent report that the recent weakness in Bitcoin is due to gradual selling by long-term investors.
Fidelity Research Vice President Chris Kuiper pointed to long-term investors as the main reason for the decline.
“The reason Bitcoin is showing weakness despite steady buying by ETFs and companies is because long-term investors are gradually selling.”
Kuiper said that according to on-chain data, long-term investors are currently selling slowly over time, meaning they are in no rush to exit the market.
According to the analyst, many long-term investors expected Bitcoin to experience a major rally in October and November based on past price action. However, this did not materialize, leading to investor disappointment.
At this point, long-term investors began selling gradually, rather than all at once, as the year-end approached. This caused Bitcoin's weakness to continue and prevented the expected upward momentum.
*This is not investment advice.