Analyst: The selling pressure from encryption miners and the closing of ETF positions have driven this fall.

On October 17, influenced by widespread risk aversion, Bitcoin continued its downward trend, falling to a nearly four-month low. Hargreaves Lansdown analyst Derren Nathan stated, “The selling pressure from crypto miners and the close all positions actions of ETFs have driven this decline.” He pointed out that Bitcoin is under pressure to decline as investors avoid high-risk assets due to rising credit risks in the U.S. and turn to safe-haven assets like government bonds and gold. Meanwhile, loan losses at U.S. regional banks further exacerbated market concerns about escalating trade tensions and the ongoing government shutdown. ( Jin10 )