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10x Research: Bitcoin has recorded its largest weekly fall in months, with weak fundamental demand.
According to ChainCatcher news and a report by 10x Research, the current Bitcoin price is below the 7-day and 30-day moving averages, indicating a bearish signal; the weekly decline is -6.7%, and it has fallen below the 100,000 USD mark due to Large Investors (Whales) holding large amounts of Bitcoin starting to dump, marking the largest weekly decline in months; the outflow of funds from the US Spot Bitcoin ETF has surged, indicating weak institutional demand. In addition, the correlation between Bitcoin and the Nasdaq 100 index continues to exhibit negative skew, which means that during sell-offs in technology stocks, the fall in Bitcoin is greater than the rise in Bitcoin when technology stocks are up, intensifying investors' cautious sentiment. Despite the existence of macro catalysts such as central bank interest rate cuts and ETF fund inflows, these factors have not managed to generate upward momentum due to weak fundamental demand.