$150 billion in liquidations! Why is Bitcoin falling? 📉

Bitcoin's price dipped nearly 5% from its intraday high of $64,734 as market participants shrugged off the launch of spot Bitcoin and Ether ETFs in Hong Kong. The selloff momentum pushed $BTC even lower than yesterday's price due to high leverages in anticipation of a relief rally. However, the debut of crypto ETFs in Hong Kong disappointed the market.

Furthermore, U.S. spot Bitcoin ETFs saw their fourth consecutive day of outflows, with over $51 million drained out. Crypto investment products have experienced three weeks of outflows, with the largest recent outflow totaling $435 million.

After the lackluster trading volume on ETFs' debut day, traders began shorting Bitcoin, leading to a sudden drop to $61,451. This triggered a broader selloff in the crypto market, resulting in investors losing nearly $150 billion as the crypto market cap fell to $2.24 trillion. 📉💰

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