Bitwise CIO: Bitcoin drop due to long position liquidation

Bitwise CIO Matt Hougan posted on the X platform, stating that conspiracy theories surrounding Binance, Wintertermute, unknown offshore macro hedge funds, Bitcoin going to zero, and Jane Street have been circulating. He claims the real reason for Bitcoin's decline is that some institutions long on Bitcoin have been selling off their Bitcoin exposure through spot trading, closing leveraged positions, and selling Bitcoin call options. The reasons for this selling include the four-year cycle, quantum computing concerns, and a shift towards AI startups. He points out that the sell-off is largely complete, the market is in the bottoming process, and new all-time highs are expected. He describes the current situation as a typical crypto winter, followed by a crypto spring, with the public tending to look for scapegoats, but the reality is more mundane.