Bitcoin
Why Bitcoin is down 6.2% today
Analysis
Bitcoin fell 6.2% over the past 24 hours as selling pressure coincided with another wave of net withdrawals from spot bitcoin ETFs, which recorded a second straight day of outflows totaling $545 million, reducing near-term demand (The Block). The decline also came as reports said Bhutan moved bitcoin to trading firms and exchanges while BTC slid toward $70,000, a flow that can add to market supply and weigh on price (CoinDesk).
Contributing Factors (3)
Spot bitcoin ETFs register second consecutive day of outflows totaling $545 million
US spot bitcoin ETFs posted $544.94 million in outflows Wednesday as the world's largest cryptocurrency continued to slide.
Bhutan moves bitcoin to trading firms and exchanges as BTC drops to nearly $70,000
Wallet data shows the Royal Government of Bhutan moving bitcoin to trading firms and exchanges for the first time in months, as markets slide and volatility spikes across crypto and metals.
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Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.