Svmuu News: Matt Hougan, Chief Investment Officer at Bitwise, stated on social media that the various conspiracy theories surrounding the decline of Bitcoin are not the primary cause; rather, the price pullback is mainly due to investors holding long positions actively reducing their positions.He noted that the selling activity included spot sales, the liquidation of leveraged positions, and the exercise of call options.Factors driving some capital outflows include expectations of a four-year cycle, concerns about quantum computing, and a shift toward investing in AI startups. Hougan believes that selling pressure has now significantly eased, suggesting the market may be in the process of forming a bottom, and he remains optimistic about the price reaching new highs in the future.