QCP: Bitcoin Falls Below $65,000, Triggering Long Liquidations; Miner De-risking Accelerates but Selling Pressure Moderates

Odaily News QCP Group released its latest analysis, noting that Bitcoin fell below $65,000 in early trading today, triggering approximately $230 million in long liquidations. The market is under pressure as it digests new tariff risks and broader geopolitical uncertainties. US President Trump's move to raise global tariffs from 10% to 15% has further intensified the cooling of macro risk appetite. With Bitcoin prices still significantly below the average mining cost, pressure on mining companies is becoming evident, with liquidity taking priority over hoarding strategies. Bitdeer has already liquidated its Bitcoin reserves, serving as the latest signal of miners de-risking and partially shifting towards the AI sector. However, the market is not unilaterally bearish. The chain reaction of liquidations this round is noticeably milder compared to earlier this year, and the market's reaction to news is more restrained. While the options market continues to price in downside risks, it indicates a cleaner positioning structure. Furthermore, ETF fund flows resemble the unwinding of basis trades rather than a full-scale exodus, reflecting an adjustment in capital structure rather than a complete exit from the market.