Bitcoin fell nearly 4% after mirroring a broader retreat in equities as traders reassessed post-shutdown risks. Long-term holders offloaded over 815,000 BTC in the past month, pushing selling pressure to its highest level since early 2024. The top crypto dropped below $99,000 due to weak spot-market demand and negative ETF outflows. Investors are focusing on the damage already done from weeks of missing economic data and a damaged federal statistical system.
Weakened spot demand, reduced U.S. buying pressure, and a lack of meaningful bid support on the buy side have contributed to Bitcoin’s decline. Long-term holder selling has accelerated, with 815,000 BTC sold in the past month. This increase in selling pressure has led to a broader contraction in apparent demand. Users on prediction market Myriad have assigned a 56% chance of Bitcoin hitting $115,000 before $85,000, down from Wednesday’s 68%.
Source: https://decrypt.co/348645/whats-driving-bitcoins-dip-below-100000