PANews reported on June 8th, citing CoinDesk, that Greg Cipolaro, Global Head of Research at NYDIG, stated that the Bitcoin decline was not due to a single reason, but rather a combination of factors. The AI ​​sector continues to drain funds from the crypto market as investors prepare for large tech IPOs like SpaceX, OpenAI, and Anthropic, requiring institutions to raise cash or reduce existing positions. The US Treasury Secretary's claim of seizing approximately $1 billion in Iranian-related crypto assets has raised concerns about government intervention in the digital asset market. The threat of quantum computing has once again become a focus; while Strategy's sale of 32 BTC may seem insignificant in terms of supply, its psychological impact is far greater.

Cipolaro points out that on-chain metrics show several indicators are approaching historical lows, with the MVRV ratio dropping to 1.2 and the profit-generating supply ratio recently falling below 50%. However, the current 53% retracement is far lower than the 75%-90% levels of previous cycles, and it's only 242 days from the peak. This suggests that either institutional adoption has fundamentally altered Bitcoin's cyclical behavior, or the market has not yet truly entered a capitulation phase.