#what are the reasons why Bitcoin dump in few hours ago
Based on the news in the data source, there are a few possible reasons for the recent Bitcoin dump:
1. Approval of spot ETFs: Just two days after the approval of spot ETFs, Bitcoin experienced a significant sell-off, dropping by almost 7%. This decline in price prompted further investigation into the reasons behind the correction.
2. Bitcoin mining stocks: Following the debut of the spot Bitcoin ETF, some Bitcoin mining stocks tumbled over 10%. Similar declines in price and mining stocks have been observed after previous landmark events, such as Coinbase's stock exchange listin gand ProShares' futures-based Bitcoin ETF debut.
3. Outflow of funds from Bitcoin miners: There has been a significant outflow of funds from Bitcoin miners, with tens of thousands of Bitcoins worth over $1 billion being sent to trading platforms. This outflow of funds is attributed to increasing costs faced by miners, such as the cost increase of moving mining operations to Kazakhstan and the need to upgrade miners before the halving.
It's important to note that these are possible reasons based on the available information, and market dynamics can be influenced by various factors.
Risk Disclosure: Predictions are for reference only, not investment advice.
