Bitcoin’s recent decline reflects aggressive selling during US trading hours, widespread profit-taking by long-term investors, and reduced liquidity across American markets, CryptoQuant said Friday, referencing an analysis by XWIN Research Japan.

The analysis highlights persistent selling pressure from US–based investors, supported by a deeply negative Coinbase Premium Index that shows Bitcoin trading at a discount in the domestic market.

With long-term holders selling across every age group and the 43-day shutdown removing money from the financial system, volatility has intensified. Long-term holders are intensifying sell-side pressure on Bitcoin, creating supply imbalances without sufficient new demand to stabilize prices.

Recent worries about the US economy have amplified the sell-offs in Bitcoin, mirroring broader risk market declines as investors reassess liquidity conditions.

The price of Bitcoin fell to $94,560 on Friday morning, its lowest level since early May.