#bitcoin #btc $BTC is experiencing a decline today due to several factors:

Strong U.S. Economic Data: Recent economic indicators from the U.S., including job data that beat expectations, have led to a reassessment of Federal Reserve interest rate policies. This has resulted in higher bond and Treasury yields, which generally affects risk assets like cryptocurrencies negatively. Stronger-than-expected economic data has also prompted investors to unwind rate cut projections for 2025, leading to significant liquidations in the crypto market.

Market Sentiment and Liquidations: There has been a notable amount of liquidations, particularly from long positions, with reports indicating over $710 million in liquidations in the last 24 hours. This has been influenced by increased risk aversion in financial markets following the economic data, leading to a broad sell-off in crypto assets.

ETF Outflows: Bitcoin-focused exchange-traded funds (ETFs) have seen record-high net outflows, contributing to downward price pressure. However, despite this, there are instances of institutions like BlackRock continuing to buy Bitcoin, which might suggest a mixed market response.