QCP Capital: Profit-taking by OG holders puts pressure on Bitcoin

Singapore-based crypto investment firm QCP Capital published an analysis stating that the crypto market had an unstable start to November, with Bitcoin prices falling from $110,000 to $107,000 during Asian trading hours, continuing its downward trend. On-chain data shows that earlier today, OG holders transferred a large amount of Bitcoin to Kraken, a continuation of the continuous outflows in October, potentially explaining Bitcoin's first "Red October" since 2018. The recent sell-off lacked clear macroeconomic drivers, even with other risk assets performing well despite favorable policies.