Core Insights - Bitcoin continues to face pressure, recently hitting a seven-month low, reflecting a combination of factors including broader risk aversion and skepticism regarding potential interest rate cuts by the Federal Reserve in December [1] Group 1: Market Dynamics - The recent sell-off in Bitcoin is attributed to multiple factors such as regulatory stagnation, outflows of institutional funds, reduced liquidity, and profit-taking by long-term holders [1] - Bitcoin experienced a decline of 1.2%, reaching a price of $86,991, with a low of $80,553 recorded on Friday [1] Group 2: Analyst Perspectives - Analysts from Deutsche Bank suggest that while volatility remains an inherent characteristic of Bitcoin, the current situation raises questions about whether this is a temporary pullback or a more sustained adjustment [1]

Group 1 - Bitcoin (BTC) has been trading within a narrow range of 2.3% since a sharp decline from $112,500, with a lack of momentum attributed to the U.S. Labor Day holiday and regulatory market closures [2] - The confidence in the $108,000 support level for Bitcoin is diminishing, as indicated by the derivatives market, with a potential liquidation risk of $390 million in leveraged long positions if the price drops below $107,000 [4][9] - The annualized premium for Bitcoin's monthly futures is currently at 7%, remaining stable within a neutral range of 5% to 10%, with previous bullish signals noted on August 24 [5] Group 2 - A significant Bitcoin whale has transferred $4 billion worth of Bitcoin to Ethereum (ETH), highlighting a "rotation" phenomenon as altcoins appear to benefit from the accumulation by enterprises [5] - The Deribit skew indicator shows a 7% premium for put options compared to call options, indicating a bearish sentiment among whales and market makers regarding the $108,000 support level [7] - A net outflow of $127 million from U.S. spot Bitcoin exchange-traded funds (ETFs) signals unease among holders, reflecting broader macroeconomic uncertainties or Bitcoin-specific weaknesses [7]