Bitcoin price dropped sharply earlier this week, liquidating over $300 million in the crypto market in a single day. So what is the reason for this sudden fluctuation? 😲

Bitwise's Gayatri Choudhury notes that there are two main reasons for this selloff, and neither is related to Bitcoin ETFs.

1️⃣ Bitcoin Sale by Miners: Miners have been constantly selling their BTC since the fourth Bitcoin halving in April due to low revenues and historically high competition from global rivals.

2️⃣ Mt. Gox Fear: Mt. Gox confirmed in a statement on Monday that it will finally refund its customers their Bitcoins in July after a decade.

With this news, crypto investors are now looking forward to the launch of Ethereum ETFs in the US. Analysts at K33 Research believe ETFs will attract $4 billion in the first five months of launch.

So what do you think? What will be the impact of these fluctuations on Bitcoin? We are waiting your comments! 😊👇