Bitcoin's price has seen a continuous drop this week, down 10.9% over the last 7 days. It's facing several pressures in the ecosystem: in addition to the BTC sell-off from Strategy, it’s also hit by headwinds from Mt. Gox. The fallen exchange has funneled $739 million to new addresses. While no sales seem to be on the horizon, this has been enough to stir up a panic wave.
Another reason for this drop, according to Binance Research: the concentration in the S&P 500. Investors are focusing on key sectors like defense, energy, or artificial intelligence, leaving other asset types in the dust.
Bitcoin ETFs have seen 10 consecutive days of outflows, totaling $519 million yesterday. While the factors seem largely tied to financial events, we also need to consider the impact of the current global geopolitical situation. The back-and-forth talks between the US and Iran regarding a potential peace deal aren't exactly boosting exposure to assets deemed risky.
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