The reason for the sharp drop in Bitcoin has been found! Falling below $64,000, should retail investors follow or hold on?

Just now, Bitcoin $BTC fell below $64,000, with a daily decline of 1.58%, and a decline of more than 10% since June 7. In terms of liquidation information, the total number of liquidations in 1 hour was $17.872 million, of which 17.233 million were long orders, accounting for 96%.

What happened? I think there are three main reasons:

1) The net outflow of funds from spot Bitcoin ETFs exceeded $900 million this week

The core is still funds. As of Thursday, spot Bitcoin ETFs have experienced net outflows for the fifth consecutive day, with a total outflow of more than $900 million this week, especially Grayscale's GBTC and Fidelity's FBTC, while BlackRock's IBIT is the only one with net inflows.

2) US PMI data is about to be released, and funds are in a risk-averse mood

At the beginning of the week, the number of unemployed people in the United States was expected to be 235,000, and 238,000 were announced, which exceeded expectations. More people received unemployment benefits, indicating that the economy is in recession, which is conducive to the Fed's early interest rate cut. But tonight there is a more core data PMI to be released. If it is lower than expected, it will be positive, and if it is higher than expected, it will be negative. Please stay tuned.

3) The Mentougou incident is unresolved, and large funds will withdraw in advance

October is the final compensation time for the Mentougou incident. Once the compensation is paid, it will bring billions of dollars worth of Bitcoin selling pressure. Large funds will generally choose to withdraw in advance before this to save themselves.

Having said the reasons, what should we do next?

Don't be too heavy in the position. The position below 50% is the most suitable. Don't be short or heavy. The spot is the main one. If it is a contract, reduce the leverage multiple. According to the past situation, the weekend is mainly volatile.

Keep a calm mind, don't rush to buy at the bottom, and don't sell at a loss. The big logic is not bad. There will be a large-scale correction in each bull market, which is normal.

Okay, remember to follow me, share hot news and market analysis every day, and accompany you to get rich slowly.

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