Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
. That’s the biggest single-day percentage decline since Nov. 9, 2022. That day, prices tanked over 14% as Sam Bankman Fried’s FTX exchange, formerly the third largest,. The daily performance mentioned here represents the percentage gain or loss in a day, beginning at midnight UTC and concluding at 23:59:59, UTC.
Bitcoin’s latest price slide has been catalyzed by several factors, including outflows from the spot ETFs, according to trader and economist Alex Kruger. “Reasons for the crash, in order of importance: #1 Too much leverage . #2 ETH driving market south . #3 Negative BTC ETF inflows . #4 Solana shitcoin mania ,”Besides, the crypto market looked overheated early this month, with long traders paying annualized funding of over 100% to keep their bullish perpetual futures bets open. Such a one-sided buildup of leverage on the bullish side often presages price corrections.
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