ChainCatcher news, Four Pillars analysts pointed out that the EIGEN token of the restaking protocol EigenLayer has been hovering between $3 and $4 since its listing on October 1, a significant drop from the $13 price in the over-the-counter market earlier this year. Analysis shows that the unclear utility of the token and the selling pressure from airdrops are the main reasons for EIGEN's poor performance.In the white paper released in April 2024, EigenLayer describes EIGEN as a "Universal Intersubjective Work Token," a complex concept that is difficult for ordinary investors to understand. The functions of EIGEN are mainly reflected in three aspects: cross-chain universality, network task execution capability, and the ability to address subjectivity failures. These complex functions are hard to communicate clearly to ordinary investors, affecting the market's perception of EIGEN's value.The selling pressure from airdrops is also an important factor in the decline of EIGEN's price. Of the 185 million EIGEN tokens in circulation, approximately 46% (86 million EIGEN) were distributed through airdrops. This includes tokens allocated to institutional investors and cryptocurrency whales such as Blockchain Capital and Galaxy Digital. Additionally, Justin Sun and GCR reportedly transferred airdropped EIGEN worth approximately $8.75 million and $1.06 million, respectively, to centralized exchanges, exacerbating the selling pressure. The EigenLayer Foundation recently announced that approximately 1.67 million EIGEN were stolen in a hacker attack, further undermining market confidence.

ChainCatcher news, the Bitfinex Alpha analysis report points out that last week Bitcoin experienced a significant pullback, dropping over 11% from the high of $66,587 at the end of September to a low of $58,943 on October 10, driven by heavy selling in the spot market. However, the selling pressure has eased, and BTC has quickly rebounded. On-chain indicators highlight the importance of the actual price of short-term holders (currently close to $63,000) as a key resistance level. A breakthrough of this level may signal further bullish momentum, while failure to break through could lead to a retest of lower support levels, potentially near $59,000 or even $55,000.However, the market remains in a passive state, and future trends may depend on whether Bitcoin can decisively surpass the realized price of short-term holders. In the meantime, traders should anticipate potential pullbacks but also be prepared for a stronger rebound from lower levels, as the market has potential resilience.Additionally, due to program delays, the Mt. Gox trustee has extended the repayment deadline for creditors to October 31, 2025. This extension alleviates market concerns about potential selling pressure on Bitcoin, as many worry that creditors might liquidate a portion of the 44,900 BTC soon to be distributed, which could put pressure on Bitcoin prices.

ChainCatcher news, according to a post by IntoTheBlock on X, over 150,000 ETH were deposited into exchanges yesterday, marking the highest level since January. Such a large influx of funds typically indicates rising selling pressure, as users may wish to capitalize on recent price movements to take profits—whether to secure gains or limit further losses.

ChainCatcher message, CryptoQuant analyst @tugbachain stated that on-chain costs show significant selling pressure for Bitcoin between $61,000 and $72,000. Additionally, $55,600 is an important support level; if it falls below this point, the market will "deepen the decline."

ChainCatcher news, CryptoQuant analyst Amr Taha stated that derivative exchanges have recently seen a net outflow of over 40,000 ETH. This may indicate a reduction in selling pressure on ETH or a decrease in the amount borrowed for new short positions.Note: The net flow of ETH on derivative exchanges is calculated as the difference between inflows (ETH deposited into the exchange) and outflows (ETH withdrawn from the exchange).

ChainCatcher news, according to CoinDesk, Transform Ventures founder Michael Terpin stated that, as the Bank of Japan indicated it would not raise interest rates further and the selling pressure from Jump Trading gradually subsides, BTC is unlikely to fall below $50,000.Regardless of how the next 60 days unfold, the bull market will continue along the traditional four-year cycle line, achieving steady growth in October and November. If Donald Trump wins the U.S. presidential election in November, BTC could even rise above $100,000.

ChainCatcher news, QCP Capital stated in an official channel that the market violently reversed the positive surge brought by Trump's speech for the cryptocurrency market this week, with the BTC price dropping from a post-speech high of 70,000 to nearly 60,000 this morning. The reasons for the decline include selling pressure from the U.S. government (about 28,000 BTC), Mt. Gox (33,960 BTC), and Genesis (BTC and ETH worth 1.5 billion USD); Bitcoin mining difficulty adjusted to a historical high, and an increase in recession expectations. From the options market data, price volatility is expected to stabilize over the summer.

ChainCatcher message, IntoTheBlock posted on X that Bitcoin long-term holders showed confidence last week, despite concerns over recent transactions involving Mt.Gox and German government addresses, they still increased their Bitcoin holdings.

ChainCatcher message, Bitfinex Alpha's latest report indicates that the supply of long-term Bitcoin holders has stabilized at 14.8 million BTC from 16.2 million BTC in January, suggesting a reduction in selling pressure. The supply of short-term holders has significantly increased since January, stabilizing around 4.8 million BTC, mainly due to new investors entering the market through ETFs and buying on dips during price corrections. The current price decline has left over 2.8 million Bitcoin short-term holders facing unrealized net losses; despite the bearish trend and supply pressure from Mt. Gox creditors, the market may be approaching a balance point.The upward trend over the weekend suggests a potential recovery in the short term, but the market remains sensitive to news and external influences. Monitoring the asset management of short-term holders and the market's reaction early this week is crucial for determining the short-term direction of Bitcoin prices. Additionally, the sell-off of Bitcoin in Germany seems to have ended, and the U.S. Securities and Exchange Commission (SEC) has also concluded its investigations into Hiro Systems and Paxful. However, U.S. lawmakers' attempts to overturn President Biden's veto of the SEC Staff Accounting Bulletin (SAB) 121 were unsuccessful. SAB 121 requires banks to classify cryptocurrencies as liabilities, effectively prohibiting them from providing digital asset custody services.

ChainCatcher news, LD Capital published a comprehensive analysis of the BTC selling pressure in Mentougou. Data shows that as of July 12, 138,000 BTC are still in the account addresses of Mentougou, indicating that the selling pressure from Mentougou has not yet actually entered the market. The decline on July 5 was part of the realization of the expected drop due to Mentougou's selling pressure.The article analyzes that LD Capital believes that creditors of Mentougou will sell a portion of BTC, but it is unlikely that they will sell all of it. If the compensation from Mentougou is sold out within a month, the selling pressure faced by the market will have a high similarity to the German government's sell-off, in terms of the quantity and timing of the sell-off. According to the current demand for ETFs, there is not enough support to absorb this, and the price of BTC may further decline.If the compensation from Mentougou lasts longer (2-3 months), the daily amount of BTC entering the market will not be particularly large, preventing a one-time drop. However, due to the ongoing expectation of selling pressure, there may be a period of volatility to digest the selling. This also means that a major upward trend is unlikely to occur in the short term.Currently, only 1,545 tokens from Mentougou have actually transferred to exchanges, while the remaining tokens are still in Mentougou's accounts, indicating that the actual selling pressure has not yet entered the market. When the BTC held by Mentougou is distributed on a large scale to several trading platform addresses, it may trigger significant panic selling, resulting in a sharp drop. In the case of individual sales, due to dispersion and difficulty in tracking and observing, it may not necessarily lead to a significant decrease in price.

ChainCatcher news, Singapore trading firm Presto Labs advises clients to bet on BTC strengthening and short BCH to profit from the ongoing Mt. Gox repayments. Last week, the defunct exchange Mt. Gox began repaying creditors affected by the 2014 hacking incident, with hundreds of millions of dollars' worth of Bitcoin expected to flow into the market over the coming months, and BCH worth over $73 million will be distributed to traders, with a total value of about $9 billion in BTC.Presto analyst Peter Chung stated that analysis shows the selling pressure on BCH will be four times that of BTC, with BCH's daily trading volume at 24% and BTC's at 6%. Unless there is a risk of financing rate, going long on BTC perpetual contracts while shorting BCH perpetual contracts is the most effective market-neutral way to express this view.

ChainCatcher news, according to CryptoQuant data, approximately $2.4 billion worth of Bitcoin with a holding period of 3-6 months has been transferred during this decline. Analyst Cauê Oliveira pointed out that this represents selling pressure from some entities that purchased at the beginning of the year. "Speculators betting on Bitcoin ETFs and halving expectations may be getting washed out."On the other hand, entities holding for over a year have not shown more significant selling patterns, indicating that true long-term holders are still holding onto their Bitcoin.

ChainCatcher news, according to CoinDesk, Presto Labs research director Peter Chung wrote in a report that concerns about selling pressure from the Mt. Gox bankruptcy redemption leading to a drop in Bitcoin prices are unfounded, but this could be a bearish situation for Bitcoin Cash (BCH).The report stated: "Our analysis shows that the selling pressure for BCH will be four times greater than that for BTC: 24% of BCH's daily trading volume vs. 6% of BTC's daily trading volume." He pointed out that BCH's daily trading volume is one-fiftieth of BTC's.In an interview, Chung stated that BTC selling is expected to be limited, as anyone wanting to exit can sell their claims in the bankruptcy claims market. Over the past decade, due to aggressive bidding from the claims fund, vulnerable creditors have had many opportunities to exit, so it can be safely assumed that the current group of creditors consists of strong bulls holding BTC. Traders will view BCH as an "airdrop" and sell it immediately, as the BCH fork occurred three years after the Mt. Gox bankruptcy. Unless there is a funding rate risk, pairing long BTC perpetual contracts with short BCH perpetual contracts is the most effective market-neutral way to express this view. Those looking to lock in funding rates can explore other methods, such as shorting short-term futures or borrowing BCH in the spot market.

ChainCatcher message, regarding the new round of market decline, hedge fund Digital Asset Capital Management co-founder Richard Galvin stated: "One factor is that a stronger Democratic candidate may replace Biden, and he may not support cryptocurrencies. In the short term, a larger reason for Bitcoin's weakness is the selling pressure from Mt. Gox and the selling actions from government addresses."In addition, Noelle Acheson, author of Crypto Is Macro Now, pointed out: "Bitcoin continues to struggle against the selling pressure from miners."However, if weak economic data from the U.S. prompts people to bet on the Federal Reserve easing monetary policy, the sentiment in the cryptocurrency market could shift rapidly, and the approval of the Ethereum spot ETF could also boost market sentiment.Interpretations of U.S. political developments may also change. Matt Hougan, Chief Investment Officer of Bitwise Asset Management, believes that a potential replacement of the Democratic candidate "is more likely to be in a better position to address crypto issues." He stated that over the past year, the government's attitude towards digital assets has generally improved.

ChainCatcher news, according to an analysis published by CryptoQuant, states that the selling pressure from Bitcoin miners is decreasing. If the selling volume from miners is fully absorbed, it could lead to a situation where the upward momentum continues again.