đ¨đ¨ WHY IS BITCOIN DUMPING? đ¨đ¨
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1) Grayscale OutflowÂ
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Yesterday, Grayscale had an outflow of $302M along with a net outflow for Bitcoin ETFs.
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There is still some major GBTC selling happening, probably from Genesis, and once it settles, BTC will resume its upward momentum.
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2) Excessive Leverage
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Whales always love to liquidate high-leverage longs and shorts.
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Right now, OI is at new highs along with a positive funding rate, which indicates that there are more longs than shorts.
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Whales are liquidating these longs, which happens every time.
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3) Pre-halving Correction
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BTC always goes down before halving, and the same thing is happening now.
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4) Macro Factors
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Recently,the negative correlation between Bitcoin and the 10-year US Treasury yield negative correlation has reached -90%.
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This means whenever the 10-year Treasury yield is rising, BTC is dropping.
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Yesterday, it rose by 4.3%, and thus BTC dumpedÂ
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Don't sell in panic, buy more and more now.
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