[Analysis: U.S. Liquidity Tightening and Concentrated Selling Pressure from Long-Term Holders Trigger Bitcoin Decline] XWIN Research Japan, citing CryptoQuant data, reports that Bitcoin's recent drop below $10,000 is not merely a fluctuation but the result of multiple structural pressures in the U.S. overlapping. The Coinbase Premium Index has been deeply negative for several consecutive weeks, indicating that selling pressure from U.S. investors is significantly stronger than that from Asia and Europe. Long-term holders across various durations are selling simultaneously, with analysis suggesting this is related to year-end tax settlements by U.S. investors. Meanwhile, the U.S. government shutdown has led to short-term fiscal tightening and a sharp drop in liquidity. Coupled with weakened expectations for a December rate cut, risk appetite has declined, causing both U.S. equities and crypto-related stocks to fall, further driving BTC to weaken during U.S. trading hours.