QCP Capital: OG holders profit-taking weighs on Bitcoin

QCP Capital, a Singapore-based crypto investment institution, issued an analysis saying that the crypto market had a shaky start. The price of bitcoin fell from $110,000 to $107,000 during the Asian session, continuing the downward trend. On-chain data shows that OG holders transferred a large amount of bitcoin into Kraken, which is a continuation of the continuous outflow in October, or explains the first "red October" of bitcoin since 2018. The recent sell-off lacks obvious macro drivers, even if other risk assets performed well under favorable policies. In the past week, market volatility has increased slightly, with the skew skewed in favor of put options, but the market's concerns about a sharp drop are milder. The leverage has been basically cleared, the position squaring of the perpetual contract is not low, and the funding rate is stable. The market has absorbed about 405,000 bitcoins from OG holders in the past month, and the price has not fallen below $100,000. Although the increase in holdings of listed companies has slowed down and some small digital asset reserve companies have sold off, the actual price is still supported. The volatility of bitcoin has triggered speculation in the market about whether the current cycle is approaching the end. Whether this heralds the arrival of a new round of cryptocurrency winter is still unclear. At present, long-term holders have taken profits, and institutional capital inflows and application promotion are consolidating the market foundation.