The mystery of BTC price drop:
Multiple "culprits" surfaced
Here are the reasons for BTC's recent price drop:
Liquidation:
Futures trading lost more than $230 million in the past 24 hours, BTC and ETH futures long liquidations exceeded 60 million, and other coins also lost money.
ETF outflow:
US spot Bitcoin ETF has a net outflow, some funds have zero capital flow, Grayscale's GBTC has a net outflow, and Fidelity's FBTC has a net inflow.
Business decisions of large miners:
On April 20 this year, Bitcoin production was halved, block rewards were reduced, miners' salaries were halved, and companies with small funds were difficult to support.
The US government is preparing to sell coins:
About 3,900 bitcoins were transferred to the Coinbase prime address, which caused the price of Bitcoin to fall to around $60,000. In addition, about 70,000 bitcoins of illegal income from Ross, the founder of Silk Road Dark Web, were confiscated.
A variety of factors have caused the recent price drop of BTC. The market is volatile, so you need to be cautious and pay attention to the latest information.
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