The global crypto market witnessed a significant downturn on Wednesday, with numerous cryptocurrencies experiencing heavy losses. Bitcoin, in particular, fell to its lowest level in weeks, breaching the $65,708 mark during Asian trading hours.
This decline has been attributed to several factors, including a major sale of Bitcoins by Strategy, which raised concerns among investors. Additionally, spot Bitcoin ETFs saw significant outflows of over $3.2 billion as investors pulled money from crypto investment products.
The market also experienced a large transfer of Bitcoins linked to Mt. Gox, the failed cryptocurrency exchange. Traders fear that these coins may eventually enter the market and increase selling pressure.