Summary
Bitcoin’s price fell over 8% to under $62,000, the biggest single-day decline since November 2022. The drop was attributed to outflows from spot ETFs, with a record $326 million leaving on Tuesday. Other factors include excessive leverage, negative BTC ETF inflows, and the impact of ETH and Solana on the market.
Key Points
1. Bitcoin’s price correction accelerated on Tuesday as U.S.-listed spot exchange-traded funds (ETFs) saw a decline in popularity.
2. Bitcoin’s value dropped over 8% to below $62,000, marking the biggest single-day percentage decline since November 9, 2022.
3. Factors contributing to Bitcoin’s recent price slide include outflows from spot ETFs, with record outflows reported on Tuesday and Monday.