Bitcoin (BTC-USD) extended declines on Tuesday as investor concerns over the government shutdown and slowing economic growth led to a selloff of the world’s largest cryptocurrency.

The token declined more than 3% to hover below $104,000 per token, more than 17% off its all-time in early October.

Fundstrat’s head of digital assets Sean Farrell pointed out “whale selling,” or investors with large amounts of holdings had mounted over the past few weeks, making way for weakness in the market.

“Whales— they continue to hammer price,” said Farrell on Monday evening, noting billions in bitcoin have recently been moved from private wallets to exchanges, presumably to be sold.

Net sales from long-term holders have exceeded 1 million bitcoin since the end of June as wealth shifts to new owners, according to Compass Point analyst Ed Engel.

“While selling from Long-term Holders is a common feature in bull markets, retail spot buyers have been less engaged than prior cycles,” Engel said in a note on Tuesday morning. He added that bitcoin ETF inflows have slowed in recent weeks.

“While we see support for BTC above $95k, we also don’t see many near-term catalysts. ‘Uptober’ failed to materialize for the first time since 2018, which was followed by a 37% decline in November 2018,” said Engel.

Data showing the manufacturing sector contracted in October for an eight straight month in a row and lack of breath in the overall equity market could also be spooking investors, along with Fed Chair Powell’s non-committal tone to a December rate cut following the central bank’s policy meeting last week.

Strategists point to concerns about tightening market liquidity due to the government shutdown as spending from the Treasury General Account, essentially the government’s checking account, remains stalled.

“The government shutdown’s likely extension into December delays expected TGA drawdowns and stalls liquidity tailwinds that were expected to support risk assets into year-end,” said Fundstrat’s Farrell.

The strategist notes and end to the shutdown would be a positive catalyst that is expected to drive bitcoin prices higher into year-end.

“I’m still optimistic for year-end,” he said. “I just think that’s some volatility that w’ere going to have to manage.”

Fundstrat predicts a $150,000-$200,000 price target range for bitcoin by the end of the year.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.