[Bitwise CIO: Bitcoin Pullback Mainly Due to Long Position Liquidation, Market May Be in Bottoming Phase] Odaily Planet Daily News – Bitwise Chief Investment Officer Matt Hougan stated on social media that various conspiracy theories surrounding Bitcoin's decline are not the core reasons. The price drop is primarily due to investors holding long positions actively reducing their exposure. He pointed out that the related sell-off activities include spot selling, closing leveraged positions, and selling call options. Some funds chose to exit for reasons such as expectations of the four-year cycle, concerns about quantum computing, and shifting investments to artificial intelligence startups. Hougan believes that the selling pressure has significantly weakened, the market may currently be in a phase of bottoming out, and he remains optimistic about the potential for new highs in the future.