$BTC # 1. **Macroeconomic Concerns**

- **Stronger-than-expected U.S. economic data** (e.g., employment reports, inflation) have raised fears that the Federal Reserve may delay interest rate cuts, strengthening the U.S. dollar (DXY) and reducing risk appetite.

- **Higher Treasury bond yields** make safer assets like bonds more attractive compared to volatile cryptocurrencies.

### 2. **Bitcoin ETF Outflows and Miner Sales**

- Spot Bitcoin ETFs have seen **net outflows**, reducing buying pressure.

- Bitcoin miners are **selling reserves** ahead of the halving (expected in April 2024), adding supply pressure.