VanEck's Head of Digital Asset Research, Matthew Sigel, stated that Bitcoin's recent drop was not triggered by a single black swan event but rather by the combination of five factors: 1. Rapid deleveraging, with Bitcoin futures open interest dropping from $61 billion to $49 billion within a week. 2. Increased selling pressure from miners, as some mining companies were forced to sell coins due to financing challenges in their AI transformation efforts. 3. Cooling of the AI narrative, with uncertainty surrounding the returns on massive computational power and infrastructure investments. 4. Rising discussions about quantum computing risks, sparking concerns over Bitcoin's encryption security. 5. The four-year cycle psychology once again dominating market sentiment. Sigel believes this round of deleveraging is more of a "synchronized decline" rather than a stampede-style crash, which instead creates cleaner conditions for mid-to-long-term positioning over the next 1–2 years. He also mentioned that he has started increasing his holdings of spot Bitcoin. (DL News) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=56336