Analysis: Bitcoin's drop was triggered by the US liquidity crunch and sustained selling pressure from US investors.

BlockBeats News, November 14th, XWIN Research under CryptoQuant released an analysis stating that Bitcoin's recent drop below $100,000 was not simply a market fluctuation, but the result of multiple U.S.-centric structural pressures overlapping. On-chain data strongly indicates that U.S. investors are the dominant force behind the current downward trend.
Firstly, the Coinbase premium index has been significantly negative for several weeks, indicating that selling pressure from U.S. investors is much stronger than buying pressure from Asia or Europe. This aligns with the recent recurring pattern: Bitcoin rebounds during the Asian session but experiences a notable reversal during the U.S. trading session.

Secondly, long-term holders (LTH) across all age groups are synchronously selling off. Analysts including Will Clemente have pointed out that the selling pressure is not coming from a specific group but is occurring simultaneously among holders from 6 months, 18 months, 3 years, and even 7 years. This scenario is highly unusual and strongly suggests that U.S. investors are engaging in end-of-year tax optimization. Fidelity has also confirmed that many U.S. LTH are taking profits to finalize their annual position settlement.

Thirdly, the U.S. government shutdown has led to severe liquidity tightening. With federal spending forced to halt, the government has rarely experienced a fiscal surplus, draining billions of dollars of liquidity from the system. Coupled with the dampening of expectations for a December rate cut, the overall risk appetite in the U.S. has significantly decreased. The U.S. stock market has seen a general decline, with crypto-related stocks plummeting by 10–20%, and Bitcoin has similarly experienced a liquidity-driven pullback.

In conclusion, these factors form a clear narrative: the current adjustment is primarily driven by the U.S. Structural selling by long-term holders, liquidity reduction due to fiscal tightening, and the persistent weakness during the U.S. session have collectively amplified market volatility. As liquidity gradually recovers in the coming weeks, market conditions may stabilize, but short-term pressures will continue to be heavily influenced by U.S. market dynamics.