#5月市场关键事件 #香港加密货币ETF #Megadrop #BTC下跌分析 #Eigenlayer公布空投计划 Why Bitcoin is falling, and why Ethereum and altcoins are leading the way for BTC?

Bitcoin [BTC] fell below $60,000 during U.S. trading hours on Tuesday, extending a string of declines that has been one of the worst months for the cryptocurrency market in recent years.

Bloody April

The world’s largest digital asset fell nearly 5% in 24 hours, according to CoinMarketCap. Its monthly discount was 14.5% at the end of April.

As of this writing, its price is hovering above $58,000, down 16% from its all-time high (ATH) in March.

The plunge rippled across the market, causing other tokens to trade at a loss.

AMBCrypto, using data from Coinglass, noted that over $36 million worth of positions were liquidated in the past 24 hours, with longs accounting for 85% of total positions.

Bitcoin liquidations were around $107 million in 24 hours.

What’s driving the negative sentiment?

The sell-off comes after a lackluster debut for newly listed spot ETFs in Hong Kong. They traded just $11 million on their first day, according to data from the Hong Kong Stock Exchange.

That’s just a fraction of the volume that was traded when U.S. spot ETFs debuted in January.

U.S. spot ETFs also haven’t fared well, with a net outflow of $161 million on Tuesday, the fifth straight day of outflows, AMBCrypto checked using SoSo Value data.

In addition, expectations that the Federal Reserve will keep interest rates steady at the upcoming FOMC meeting, given higher-than-expected inflation data, have also prompted traders to pull money out of riskier investments.