Bitcoin is experiencing a major dip: What's causing the drop and what’s the current situation?
Today, Bitcoin's price tanked over 5%, nearing the $66,000 mark. The price dropped more than 5% in the last 24 hours, hitting $67,312. Consequently, BTC's total losses over the past week have exceeded 12%. This marks the first time since April that it has dipped below the $68,000 level and it's currently trading about 46% off its all-time high of $126,080.
Among the factors pressuring sellers in the market is last week's Bitcoin sell-off by Strategy, a firm known for its Bitcoin-focused strategies. They unloaded 32 BTC worth around $2.5 million, marking their first Bitcoin sale since 2022.
On another note, the ongoing outflow from American spot Bitcoin ETFs is also shaking investor confidence. Over the last 11 trading days, there has been a net outflow of capital from Bitcoin ETFs, totaling more than $3.4 billion during this period. As a result, the net inflow into American spot Bitcoin ETFs has turned negative since the start of the year.
#BTC☀️ #ETH🔥🔥🔥🔥🔥🔥
Today, Bitcoin's price tanked over 5%, nearing the $66,000 mark. The price dropped more than 5% in the last 24 hours, hitting $67,312. Consequently, BTC's total losses over the past week have exceeded 12%. This marks the first time since April that it has dipped below the $68,000 level and it's currently trading about 46% off its all-time high of $126,080.
Among the factors pressuring sellers in the market is last week's Bitcoin sell-off by Strategy, a firm known for its Bitcoin-focused strategies. They unloaded 32 BTC worth around $2.5 million, marking their first Bitcoin sale since 2022.
On another note, the ongoing outflow from American spot Bitcoin ETFs is also shaking investor confidence. Over the last 11 trading days, there has been a net outflow of capital from Bitcoin ETFs, totaling more than $3.4 billion during this period. As a result, the net inflow into American spot Bitcoin ETFs has turned negative since the start of the year.
#BTC☀️ #ETH🔥🔥🔥🔥🔥🔥