Opinion: BTC recorded its largest one-day decline since the FTX crash, and spot ETF fund outflows were one of the main reasons
According to CoinDesk, TradingView data shows that BTC fell by more than 8% on Tuesday, marking the largest single-day decline since November 9, 2022. That day, BTC plummeted more than 14% due to the collapse of FTX.The latest market data shows that BTC briefly fell below $61,000, a 17% drop from its recent all-time high of over $73,500. CoinDesk 20 Index also fell by 16% during the same period.Trader and economist Alex Kruger said that the recent price drop of BTC was catalyzed by several factors, including outflows from spot ETF funds. Kruger wrote on X platform, "The reasons for the collapse, in order of importance: 1. High leverage; 2. Ethereum driving the market down (the market believes the likelihood of its spot ETF passing is low); 3. Negative Bitcoin ETF fund inflows (T+1); 4. Garbage coin frenzy on Solana."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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