Bitcoin may be nearing a technical bottom. After falling below the 200-day moving average, a large number of leveraged longs were liquidated, shorts accelerated their entry, and the price approached the bottom of its long-term trend channel. Since October 21, BTC has fallen about 25%; from October 30 to November 13, U.S. spot Bitcoin ETFs saw nearly $3 billion in net outflows. Rising interest rate expectations, risk aversion in the AI sector, and the Binance hacking incident have intensified selling pressure. A DACM executive believes that Anthropic’s upcoming IPO could divert funds from crypto, similar to the pricing period for SpaceX’s IPO, with cryptocurrency serving as a short-term source of financing.

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