Why Bitcoin is falling ?
One of the reasons is ouflow caused by ETF's.
The spot Bitcoin ETFs in US have reversed the late May/early June trend and have seen several consecutive days of outflows, worth more than $600 million.
These adverse developments on the ETF front have impacted the price of the underlying asset, as well as the entire crypto market, and BTC slumped to a monthly low.
Fidelity’s FBTC has been at the forefront of the outflows, seeing over $80 million of withdrawals for four consecutive days. As such, FBTC has beaten even Grayscale’s GBTC in this negative trend.
These developments harmed BTC’s price movements. The asset failed at $70,000 on a couple of occasions last week and slumped hard to a monthly low of $64,000.