Reason of this dump#BTC☀ #Bitcoin❗

Hedge Funds Increase Short Positions on Bitcoin

Moreover, this week has witnessed a remarkable increase in hedge funds' short positions on Bitcoin. Data from the Chicago Mercantile Exchange (CME) Group's Commitments of Traders report shows these positions have hit a record high.

This suggests a bearish stance on Bitcoin among institutional investors. As a result, Bitcoin's price has fallen by nearly 6% this week, adding to the speculative nature of the market.

Moreover, this week, there have been net outflows from the spot Bitcoin ETFs. They recorded a net outflow of $390.7 million, following a 19-day streak of inflows into Bitcoin ETFs.