[QCP: Bitcoin Falls Below $65,000 Triggering Long Liquidations, Mining Companies Accelerate Risk Reduction but Selling Pressure Eases] Odaily Planet Daily News - QCP Group released its latest analysis, pointing out 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 a new round of tariff risks and broader geopolitical uncertainties. U.S. President Trump’s move to raise global tariffs from 10% to 15% has further exacerbated the cooling of macro risk appetite. With Bitcoin prices still significantly below the average mining cost, mining companies are showing signs of stress, prioritizing liquidity over coin-hoarding strategies. Bitdeer has liquidated its Bitcoin reserves, signaling the latest shift of miners toward risk reduction and partially transitioning to the AI sector. However, the market is not entirely bearish. This round of liquidation chain reactions is noticeably milder compared to earlier this year, and the market's response to news has been more restrained. While the options market continues to price in downside risks, it indicates a cleaner position structure. Additionally, ETF fund flows resemble basis trade unwinding rather than a full-scale exit, reflecting adjustments in capital structure rather than a complete withdrawal from the market.