QCP Capital posted on its official Telegram channel: "Since our last post, Bitcoin has fallen below $93,000, with over $430 million in long liquidations. The drop coincided with spot ETFs ending a five-day streak of net inflows, recording $438 million in outflows on Monday, while MicroStrategy shares fell another 4.4%.
The pullback follows MicroStrategy's record $5.4 billion Bitcoin purchase last week. With no immediate catalyst to drive prices higher as the US holiday approaches, BTC's path to the symbolic $10w level has stalled.
ETH implied volatility has shifted sharply toward puts rather than calls, reflecting similar sentiment as the market takes a breather. Concerns about BTC's downside risks may intensify, especially with tonight's FOMC minutes and Wednesday's PCE data coming up. However, in the long run, this is not an excessive pullback. Bitcoin has simply fallen back to where it was at the beginning of last week. The market has become extremely overbought and leveraged since the election, so a pause is inevitable."