Cryptocurrency Market Under Pressure Amid Record ETF Outflows and Higher Oil Prices

The cryptocurrency market has been experiencing a downturn in recent days due to a combination of factors. One of the main contributors to this decline is the record outflows from US spot bitcoin ETFs, which have seen $2.97 billion withdrawn over the past 10 sessions.

This exodus from ETFs has had a ripple effect on the broader market, with Bitcoin (BTC) and other major cryptocurrencies experiencing a significant drop in value. BTC has fallen by around 1.4% in the last 24 hours and was trading at around $73,000, while Ether dropped 2.1% to $1,980.

The CoinDesk 20 index, which tracks the performance of 20 major cryptocurrencies, fell by 2.38%. This decline is likely due to a lack of demand from retail buyers, with Strategy announcing that they did not purchase any BTC during this period.