Here’s Why $BTC Recently Dropped in Price:
🚨 $BTC Liquidations
- Futures Trades: Futures traders betting on higher BTC prices lost over $230 million in the past 24 hours.
- Liquidations:BTC and ETH-tracked futures experienced over $60 million in long liquidations each, while DOGE, SOL, XRP, and PEPE futures recorded at least $4 million in losses.
🚨 BTC ETF Outflows
- Spot Bitcoin ETFs: U.S. spot bitcoin ETFs saw net outflows of $20.45 million yesterday. Nine funds, including BlackRock’s IBIT, reported no flows.
- Grayscale’s GBTC: Daily net outflows hit $26.99 million, but Fidelity’s FBTC saw net inflows of $6.55 million.
- Trading Volume: The trading volume of spot bitcoin ETFs is lower than it was in March, when daily volumes were around $8-10 billion. These ETFs have amassed a total net inflow of $14.62 billion since January.
🚨 Mt. Gox Repayments & Miners Sell-Offs
- Sell Pressure: Concerns about sell pressure from Mt. Gox repayments and potential miner sales have pushed Bitcoin below $59,000, causing declines in major tokens like ether and Solana's SOL.
- Miner Sales: Miners, still facing low payments, have increased the selling of their tokens.
🚨 Germany’s Continued Sell-Offs
- Nation-State Holdings: Germany is one of the largest Bitcoin-holding nation-states.
- Government Sales: Recently, the German government transferred over 2,700 BTC to exchanges, adding to the market sell-off.
These combined factors have led to the recent drop in BTC's price. Stay informed and exercise caution in the current market conditions.
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