Reasons for Bitcoin's Plunge Last Night

1. PPI data exceeded expectations, leading to a lower probability of interest rate cuts in September

2. The number of unemployment claims in the U.S. for the week was lower than expected, leaning bearish

3. U.S. stocks opened lower, causing the crypto market to decline

4. There was a net outflow of $293 million from U.S. spot ETFs, ending a previous streak of six days of net inflow

5. After Bitcoin hit a historical high, profit-takers cashed out, causing a sell-off