📉 Why is Bitcoin Experiencing a Decline?
BTC's price has dropped by 6% since Monday, coinciding with statements from Fed policymakers indicating that interest rates will likely remain elevated for a longer duration than previously anticipated, while the likelihood of a rate cut this year diminishes.
🇺🇸 Elevated rates are bolstering the dollar index, which has surged by 1.00% in the past 7 days, driving up the 10-year US Treasury note, thus adversely impacting BTC.
📉 Inflows into ETFs continue to stagnate, with only the Bitwise fund receiving a modest $11.5 million inflow on 05/08.
🐋 Nonetheless, whales are capitalizing on market dips, as per Santiment data, indicating that wallets holding 1–10 thousand BTC have accumulated over 15,000 BTC, valued at nearly $941 million, in the past 24 hours.
