QCP Capital: Profit-taking by OG holders puts pressure on Bitcoin

PANews reported on November 3rd that Singapore-based crypto investment firm QCP Capital published an analysis stating that the crypto market had an unstable start to November, with Bitcoin prices falling from $110,000 to $107,000 during the Asian session, continuing its downward trend. On-chain data shows that earlier today, OG holders transferred a large amount of Bitcoin to Kraken, a continuation of the continuous outflows in October, potentially explaining Bitcoin's first "Red October" since 2018. The recent sell-off lacks clear macroeconomic drivers, even with other risk assets performing well despite favorable policies.

Over the past week, market volatility has increased slightly, with skew biased towards put options, but market concerns about a sharp decline have been relatively mild. Leverage has been largely cleared, open interest in perpetual contracts is low, and funding rates are stable. The market absorbed approximately 405,000 Bitcoins from OG holders over the past month, with the price not falling below $100,000. Although some listed companies have slowed their holdings and some smaller digital asset reserve companies have sold off, the spot price remains supported. Bitcoin's consolidation has sparked speculation about whether this cycle is nearing its end, and whether this foreshadows a new cryptocurrency winter remains unclear. Currently, long-term holders are taking profits, while institutional inflows and application promotion are consolidating the market foundation.