After a period of uneventful decline, analysts from Bitfinex conducted a fresh analysis to understand the reasons behind Bitcoin's downward trend. In an interview with The Block, the Bitfinex analysts revealed that the decrease in market liquidity was a direct result of reduced participation from institutional investors during the summer break. This decline in activity by institutional players amplified the selling pressure on Bitcoin. The analysts pointed out that the diminished corporate buying activity during the holiday season contributed to the overall price reduction of Bitcoin. Moreover, they noted that long-term investors were capitalizing on profits by selling their Bitcoin holdings, which in conjunction with other negative factors, further escalated the selling pressure. The absence of fund managers, who were on vacation during the summer, was emphasized as a crucial factor intensifying the selling pressure and causing a liquidity crunch in the market. Additionally, the analysis highlighted the impact of long-term Bitcoin investors, the German government, and Mt. Gox sales, all contributing to the downward pressure on Bitcoin's price. On a positive note, Bitcoin miners have shifted their strategy from selling to holding onto their coins. Bitget's chief analyst, Ryan Lee, supported this view by attributing the recent poor performance of Bitcoin to various factors like sales from Germany, the USA, and Mt. Gox. Lee mentioned that the selling pressure from miners has decreased significantly as they have opted to retain their Bitcoins instead of offloading them. He explained that with the current price levels, some mining operations may not be profitable, which has influenced the behavior of miners towards holding onto their assets. This change in approach by miners is anticipated to alleviate the selling pressure in the market, providing stability for Bitcoin. Disclaimer: This content does not constitute investment advice.