Bitwise Chief Investment Officer Matt Hougan stated on social media that the various conspiracy theories surrounding Bitcoin's decline were not the core reason; the price pullback was primarily due to investors actively reducing their long positions. He pointed out that these selling activities included spot selling, liquidating leveraged positions, and selling call options. Reasons for some funds leaving the market included expectations of a four-year cycle, concerns about quantum computing, and a shift towards investing in artificial intelligence startups. Hougan believes that selling pressure has significantly weakened, the market may be in the process of bottoming out, and he is optimistic about further new highs.