Bitcoin's decline attributed to multiple factors, says NYDIG's Greg Cipolaro

According to CoinDesk, Greg Cipolaro, Global Research Head at NYDIG, stated that Bitcoin’s decline is not due to a single factor but rather a combination of multiple influences. Funding has been drawn away from the crypto market toward the AI sector, as investors prepare capital for tech IPOs such as SpaceX, OpenAI, and Anthropic, while institutions may be reducing their positions. The U.S. Treasury Secretary announced the seizure of approximately $1 billion in crypto assets linked to Iran, sparking concerns over government intervention. The threat posed by quantum computing has once again gained attention. Although Strategy’s sale of 32 BTC has limited impact on supply, its psychological effect is significant. On-chain data shows multiple indicators approaching historical lows, with the MVRV ratio falling to 1.2 and the percentage of profitable supply dipping below 50%.