PANews reported on November 1 that according to CoinDesk, Bitcoin fell below $70,000 on Thursday, triggering panic selling by short-term holders (STH). On that day, short-term holders transferred more than $2.3 billion worth of Bitcoin (about 32,000 BTC) to exchanges at a loss, which was the largest single-day loss transfer since the yen carry trade was closed on August 5. At the same time, short-term holders have cashed out part of their profits by transferring more than $6 billion of Bitcoin to exchanges at a profit in the past three days. Analysts pointed out that investors usually reduce their risk exposure at the end of the month as the US presidential election on November 5 approaches. In addition, the collective decline of nearly $1 trillion in US technology stocks on Thursday may have exacerbated market pressure.