Bitcoin
Why Bitcoin is down 3.1% today
Analysis
Bitcoin fell 3.1% over the past 24 hours as selling pressure tied to ETF flow dynamics likely intensified the downturn, with CoinDesk noting market makers may have accelerated the move during the slide toward $60,000. Additional spot supply hit the market after miner Cango reportedly sold about $305 million worth of BTC amid the slump to fund a shift toward AI, adding to near-term downside pressure.
Contributing Factors (3)
Here's how market makers likely accelerated bitcoin's brutal crash to $60,000
The invisible hands of market makers likely accelerated bitcoin's recent crash.
Bitcoin miner Cango sold $305 million of BTC during market slump to fund AI shift
The company plans to deploy modular GPU units across 40+ global sites to provide on-demand AI inference capacity for small and mid-sized businesses.
Bernstein calls Bitcoin sell-off 'weakest bear case' on record, keeps $150K 2026 target
The research analysts pointed to tight liquidity and macro pressure as drivers of the decline, while noting that spot Bitcoin ETFs have seen relatively modest outflows.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.