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Bitcoin has slipped below 93k since our last commentary, with over $430 million in long liquidations. This decline coincided with spot ETFs ending their five-day streak of net inflows, recording a $438 million outflow on Monday, while MicroStrategy dropped another 4.4%.

The pullback follows MicroStrategy’s record $5.4 billion Bitcoin purchase last week. With U.S. holidays approaching and no immediate catalyst to push prices higher, BTC’s path to the symbolic 100k level has stalled.

ETH implied volatility has shifted sharply toward puts over calls, reflecting similar sentiment in BTC as the market takes a breather. Growing concerns about downside risks may intensify, particularly with tonight’s FOMC minutes and Wednesday’s PCE data on the horizon.

However, to put things into perspective, this isn’t an excessive pullback. Bitcoin is merely retracing to levels seen early last week. The market had become extremely overbought since the election with excessive leverage, making a pause inevitable.

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