Bitcoin (BTC) Down 13% This Week, Worst Since February 2023
Published on Β· Source: cnbc.com
AI Summary
Summarized by AI from the source belowBitcoin (BTC) has declined 13% this week, marking its worst performance since February 2023, according to Coin Metrics. This downturn is attributed to a loss of dominant market narratives and shifting liquidity towards other assets, exacerbated by a record 13 consecutive days of net outflows from bitcoin ETFs, decreasing total assets from $107.8 billion to $82.8 billion since May 14. Additionally, the sale of 32 BTC by Michael Saylor's Strategy for approximately $2.5 million led to investor concerns, triggering $594 million in long liquidations within 24 hours, according to CoinGlass. The current sentiment remains lackluster amid concerns over the passage of the CLARITY Act.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
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