Bitcoin suddenly crashed, with the largest drop exceeding 7% at one point, the largest drop since the August 5 crash. Ethereum fell nearly 9%, and currencies such as Binance Coin and Dogecoin also followed suit.
This flash crash may be due to the outflow of funds from the Ethereum spot ETF, which has caused market concerns. According to SoSoValue data, as of August 27, Eastern Time, the total net asset value of the Ethereum spot ETF was US$7.457 billion, and the ETF net asset ratio (market value to the total market value of Ethereum) was 2.31%, with a historical cumulative net outflow of US$478 million.
As of press time, the price of Bitcoin continued to fluctuate, temporarily reporting US$59,380 per coin, with a 24-hour drop of 5.86%.
