PANews reported on November 14th that XWIN Research Japan, citing CryptoQuant data, stated that Bitcoin's recent drop below $100,000 was not simply a matter of volatility, but rather a result of multiple structural pressures in the US. The Coinbase premium index has been deeply negative for several weeks, indicating that selling pressure from US investors is significantly stronger than in Asia and Europe. Long-term holders across all timeframes are selling simultaneously, which analysts attribute to year-end tax settlements by US investors. Meanwhile, the US government shutdown has led to a short-term tightening of fiscal policy and a sharp drop in liquidity. Coupled with weakened expectations of a December rate cut, risk appetite has weakened, causing declines in both US stocks and crypto-related stocks, pushing BTC lower throughout the US trading session.