Bitcoin Price Drops Below $66,000 Amid ETF Outflows and Lack of Catalysts

Bitcoin's price has been under pressure recently, with the cryptocurrency dropping below $66,000 on Wednesday. This decline follows a heavy selloff in exchange-traded funds (ETFs), which have seen nearly $4 billion withdrawn over the past 12 days.

According to data from Bloomberg, this is a record streak of consecutive outflows from US-listed Bitcoin ETFs. The situation has raised concerns about the market's overall liquidity and economic factors.

The recent decline in Bitcoin's price has also been attributed to capital rotating out of digital assets and into AI stocks. Some analysts believe that the lack of near-term catalysts, combined with the 'never sell' narrative, has contributed to the decline in Bitcoin's value.