$BTC

1. Cryptocurrency Reserve Announcement by the U.S. Government – Investors were expecting the U.S. government to buy more Bitcoin after an announcement from Donald Trump. However, it was later revealed that the government would only use Bitcoin seized from criminal cases. This disappointed investors, causing the price of Bitcoin to drop by about 6%.

2. Negative Sentiment on Bitcoin ETFs – Investors have shown less enthusiasm towards Bitcoin ETFs, leading to a decrease in demand.

3. Security Concerns and Hacks – A recent hacking incident at Bybit, a popular cryptocurrency exchange, has also created fear in the market.