[Analysis] "Bitcoin plunge: macro environment, SEC, miners, etc. cited as causes"

On the previous day, Bitcoin (BTC) plunged intraday, and various factors were pointed to as causes.

On the 23rd (Korean time), a contributor from crypto asset (cryptocurrency) analysis firm CryptoQuant's 'XWIN Research Japan' wrote in a report that "four factors in total influenced Bitcoin's decline," the contributor analyzed.

The contributor cited the impact of the macro environment, negative developments related to the Securities and Exchange Commission (SEC), trading flows of miners and institutions, and the derivatives market as causes.

The report noted that as the Federal Reserve's hawkish stance strengthened, U.S. Treasury yields and the dollar's value rose, and risk assets overall were pressured. Also,

it explained that the SEC's postponement of approval decisions for multiple crypto asset exchange-traded funds (ETFs) also weakened short-term investor sentiment.

On-chain data also confirmed selling pressure from miners. Miner holdings fell by about 9% over recent months, and coins flowed into exchanges due to cost burdens, expanding selling pressure. The contributor explained, "Some firms continued buying from a long-term perspective, but they did not offset the short-term correction."

Large-scale liquidations of long positions also occurred in the derivatives market. Positions totaling about $1.7 billion were liquidated in one day, most of which were long positions. The contributor explained, "Mass liquidations in the futures market accelerated the speed of the decline."