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Bitcoin price dropped by 4.41% over 24 hours, reaching $67,735, affected by global market weakness and institutional selling.. What is the reason for this decline?
According to CoinMarketCap data, institutions withdrew about $228 million from Spot Bitcoin ETFs ahead of the release of important economic data, leading to significant selling pressure on the asset.
Bitcoin also has a strong correlation of 86% with the S&P 500 index, reflecting the impact of the US dollar's strength and major economic events on its movements.
The markets also saw $(Long Liquidations) worth of buy positions liquidated, totaling $107 million, and a decrease in open interest, which increased selling pressure.
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$BTC