Analyst: The recent decline is not a structural disaster, but rather profit-taking after continuous gains from September to October.
Jinse Finance reported that Timothy Misir, Head of Research at BRN, pointed out in an analysis report that the recent market decline is not a structural disaster, but rather a profit-taking after continuous gains from September to October. However, it also reveals that the short-term upside remains highly dependent on stable spot demand (ETF, government bonds, corporate bond buying). The "whale" group still controls a large proportion of the bitcoin supply and increased their holdings by about 110,000 bitcoins in October. The market is currently in a digestion phase; structural bulls still exist, but confidence is lacking. Prices need new spot demand from ETFs or corporations to break through and rise.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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