💥 Brace yourselves, crypto enthusiasts! Bitcoin (BTC) just experienced its biggest single-day loss since the FTX collapse saga, sending shockwaves through the market. 📉💔 Spot ETFs witnessed unprecedented outflows, signaling a shift in investor sentiment. 💼💨 The leading cryptocurrency tumbled over 8%, dipping below the $62,000 mark and marking its largest percentage drop since November 9, 2022. That fateful day, BTC plummeted over 14% following the collapse of Sam Bankman Fried's FTX exchange. 💥💼 But wait, there's more—the retreat from all-time highs of over $73,500 last week has now reached a staggering 15%, with the CoinDesk 20 index sliding 16% in the same timeframe. 😱📉 What's behind this downward spiral? Trader and economist Alex Kruger points to fund outflows from spot ETFs as a major catalyst. 💸💼 Data from investment firm Farside reveals a record net outflow of $326 million from spot ETFs on Tuesday alone, with Grayscale ETF witnessing a massive $643 million outflow the day before. 💰📉 Kruger breaks down the reasons for the collapse, citing leverage issues, ETH's impact on market sentiment, negative BTC ETF inflows, and the frenzy surrounding Solana as contributing factors. 🔄🤔 Additionally, the crypto market showed signs of overheating earlier this month, with long-term traders paying exorbitant financing fees to maintain their bullish perpetual futures positions. 🔥💰
