Bitcoin’s price slumped by around 5.6% in the past 24 hours thanks to some Asian traders taking a short-term bearish view and concerns the new Biden administration in the U.S. will seek to put a damper on cryptocurrency use.

Profit-taking occurred in the spot market during Asian market hours after bitcoin failed to consolidate around the record high of $40,000 in the past week. In the derivatives markets, short positions grew, led by institutions and large bitcoin holders known as whales.

Data from Skew shows bitcoin’s perpetual swaps funding on major derivatives exchanges, a proxy for the cost of maintaining a long position in the derivatives market, dropped today, an implication that the demand for oriented trades has decreased.

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At press time, bitcoin traded at $35,008.58, according to CoinDesk 20 data.

The sell-off also led to major corrections for other cryptocurrencies on the CoinDesk 20, including ether, stellar, xrp and chainlink.

Despite some long-term positive view that bitcoin’s price could reach as high as $100,000, analysts and traders told CoinDesk that large bitcoin holders have become more bearish in the short term, especially after ether, the second-largest cryptocurrency by market cap reached a new all-time high on Tuesday.

“The sentiment in Asia at least has been very bearish in the short term, after they saw the retail side is getting too bullish, ” Alex Zuo, vice president of China-based crypto wallet Cobo, told CoinDesk. He said the recent price surge in alternative cryptocurrencies reflects increased interest from retail investors, who usually tend to react to price volatility more significantly.

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As a result, institutions and bitcoin whales are less inclined to put fresh capital into the market. Zuo said. Instead, they are either taking profits by selling on the spot market or executing arbitrate trades by shorting the spot market.

Data from on-chain analytics firm CryptoQuant also indicates there is selling pressure on the spot market. The whale ratio on exchanges, which measures the relative size of the top 10 inflows to total inflows for all exchanges, has gone up since last week to above 0.85, meaning that more large bitcoin holders are depositing bitcoin on exchanges. That is considered a sell signal because it could mean large holders of bitcoin are looking to unload their inventory to the market.

What’s keeping prices from falling drastically, according to CryptoQuant’s company’s chief executive, is the unloaded bitcoins are being snapped up by buyers on one particular exchange.