Bitcoin Prices Plummet to Two-Week Low Amid Net Outflow of Funds

Bitcoin prices have been on a downward trend in recent weeks, and Friday's drop was no exception. The cryptocurrency's value plummeted by over 4% to $65,699, marking the lowest price point in more than two weeks. This decline is largely due to the net outflow of funds from cryptocurrency exchange-traded funds (ETFs), which has led to a decrease in demand for Bitcoin.

Additionally, the expiration of $14 billion worth of Bitcoin options on Friday coincided with the quarterly rollover, adding to the downward pressure on prices. This event can lead to a significant increase in sell orders, further contributing to the decline in value.

Cryptocurrency-related stocks were also affected by the price drop, with major holders MicroStrategy and Coinbase experiencing significant losses. MicroStrategy's stock fell nearly 6%, while Coinbase dropped over 7%.