Bitcoin (BTC) Down 13% This Week, Worst Since February 2023

AI Summary

Bitcoin (BTC) has declined 13% this week, marking its worst performance since February 2023, according to Coin Metrics. This downturn is attributed to a loss of dominant market narratives and shifting liquidity towards other assets, exacerbated by a record 13 consecutive days of net outflows from bitcoin ETFs, decreasing total assets from $107.8 billion to $82.8 billion since May 14. Additionally, the sale of 32 BTC by Michael Saylor's Strategy for approximately $2.5 million led to investor concerns, triggering $594 million in long liquidations within 24 hours, according to CoinGlass. The current sentiment remains lackluster amid concerns over the passage of the CLARITY Act.