The Fall in Bitcoin Continues: $622 Million Evaporated as BTC Dropped Below $63,000! What is the reason for the decline?

While the correction that started last week in the leading cryptocurrency Bitcoin deepened further before the FED's March interest rate decision, the price fell to $ 63,000.

While BTC is currently down nearly 15% from its ATH of over $73,000, many investors have liquidated due to the volatile movements in BTC.

According to data from Coinglass, $622 million was liquidated in the last 24 hours. Of these liquidations, $515 million consisted of long positions and $106 million consisted of short positions.

While 240,354 investors were liquidated in the last 34 hours, the largest liquidation took place in the BTC / USDT transaction pair worth $ 12.2 million on the OKX exchange.

What is the reason for the decline?

Analysts think that behind the sharp decline in Bitcoin is the decrease in inflows in the spot Bitcoin ETF and Grayscale's regular transfer of BTC.

According to data on March 18, there was a net outflow of 154 million dollars from spot Bitcoin ETFs. In Grayscale's ETF product GBTC, the net outflow was $642 million.

With this figure, Grayscale's ETF broke the single-day net money outflow record since its first trading day, while BlackRock ETF IBIT, known for its large BTC purchases, realized a net money inflow of $451 million. However, despite this large inflow, it could not prevent the decline caused by GBTC in Bitcoin and the general crypto market.

Bitcoin continues to trade at $63,820 at the time of writing.

*This is not investment advice.