To summarize, the main reasons for the sharp decline in Bitcoin last night are as follows:
1. PPI data exceeded expectations, leading to a decreased probability of interest rate cuts in September.
2. The number of unemployment claims in the U.S. for the week was lower than expected, bringing a bearish signal to the market.
3. The U.S. stock market opened lower, causing the cryptocurrency market to follow suit and decline.
4. The net outflow of U.S. spot ETFs was $293 million, ending a previous streak of six consecutive days of net inflow.
5. After Bitcoin reached an all-time high, some profit-takers decided to cash out, resulting in a price drop.
