Bitcoin's price has dropped below $100,000, driven by structural pressures in the US, according to XWIN Research Japan. Data from CryptoQuant highlights a deeply negative Coinbase premium index, suggesting stronger selling pressure from US investors compared to Asia and Europe. This selling is attributed to year-end tax settlements by US investors, with long-term holders across all timeframes offloading their assets. Additionally, the US government shutdown has resulted in a short-term tightening of fiscal policy, reducing liquidity. The lack of expectations for a December rate cut has further weakened risk appetite, leading to declines in both US stocks and crypto-related stocks, exacerbating Bitcoin's decline during the US trading session.