Bitcoin's Price Plummets Below $70K Amid ETF Outflows

Bitcoin's price has taken a significant hit in recent days, falling below $70,000 and wiping out nearly $800 million in leveraged crypto traders. The drop was largely attributed to escalating outflows from spot Bitcoin exchange-traded funds (ETFs), which have seen a record 11-day run of net outflows.

Data from SoSoValue showed that Ethereum ETFs have also been experiencing significant redemptions, with 15 consecutive days of outflows. This trend has led to a decline in the price of both Bitcoin and Ethereum, with analysts attributing it to the impact of institutional money on the market.