⚠️ Reasons Behind the Recent Drop in Bitcoin ($BTC ) Price:

🚨 BTC Liquidations

- Futures Trades: Futures trades betting on higher prices lost over $230 million in the past 24 hours.

- Liquidations: BTC and ETH-tracked futures saw over $60 million in long liquidations each, while products tracking DOGE, SOL, XRP, and PEPE recorded at least $4 million in losses.

🚨 BTC ETF Outflows

- Spot Bitcoin ETFs U.S. spot bitcoin ETFs experienced $20.45 million in net outflows yesterday. Notably, nine funds, including BlackRock’s IBIT, had zero inflows.

- Grayscale’s GBTC: Reported daily net outflows of $26.99 million, countered by $6.55 million in net inflows from Fidelity’s FBTC.

- Trading Volume: Recent trading volume of spot bitcoin ETFs is lower than in March, when daily volumes reached around $8-10 billion. Despite this, the ETFs have accumulated a total net inflow of $14.62 billion since their January inception.

🚨 Mt. Gox Repayments & Miner Sell-Offs

- Sell Pressure: Concerns over sell pressure from Mt. Gox repayments and possible miner sales have contributed to Bitcoin dropping below $59,000, with major tokens like Ether (ETH) and Solana's SOL also declining.

- Miner Sales: Miners, facing low compensation, have increased the selling of their tokens.

🚨 Germany’s Continued Sell-Offs

- Nation-State Holdings: Germany is one of the largest nation-state holders of Bitcoin.

- Government Sales: In recent weeks, the German government has transferred large amounts of BTC to exchanges, totaling over 2,700 BTC.

These factors collectively contributed to the recent drop in BTC's price. Stay informed and cautious in the current market conditions.

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