Bitcoin Price Plummets Amid Economic Concerns and ETF Withdrawals

Bitcoin's price has taken a hit due to concerns about the state of the economy and withdrawals from US exchange-traded funds. According to recent data, net withdrawals from US spot-Bitcoin ETFs have reached around $1.5 billion in May.

The decline in Bitcoin's price is largely attributed to macroeconomic factors rather than specific issues within the cryptocurrency market. This suggests that investors are becoming increasingly cautious amidst rising concerns about inflation and interest rate increases.