10x Research: There seems to be a structural factor impacting the market, which may have more profound implications.

Golden Finance reported that 10x Research released a report stating that Bitcoin is severely oversold, and influential people suggest followers to buy the dips, as altcoins seem to have weathered the storm. The research shows that the greed and fear index is approaching its lowest level, which is usually associated with the low point. In addition, there are many reasons for the sell-off of Bitcoin: Mt. Gox's Bitcoin distribution (worth up to $9 billion since July), the German government's sale of confiscated Bitcoin ($3 billion), Bitcoin miners selling $2-3 billion, ETF selling $1.4 billion, and OG Wallet selling $1.2 billion. Assuming this adds up to $16-18 billion, it is similar to the Bitcoin ETF inflows so far this year. Despite many claiming the recent decline is due to Mt. Gox's Fud (and other factors mentioned above), it seems there is a structural factor impacting the market, which may have a more profound impact, leading to a deeper decline before rebounding from lower levels.