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Bitcoin (BTC) experienced a significant drop, down 8% by the NYSE close, marking its worst day since March 2023. The heavy selling pressure on BTC prevented a short squeeze, while altcoins remained relatively stable. The market saw a major drawdown on BTC, with selling pressure intensifying compared to recent months. Factors such as an ETH ETF and Mt. Gox distribution were mentioned as impacting the market dynamics.
what the market did here was max pain to the majority of participants: Alts bleed to new lows against btc -> majors bleed -> eth etf approved -> everything still bleeds -> we find out about gox coins -> btc bleeds more -> eth and alts finally get a bid
Alts are fine tbh. BTC is just extremely undesirable. - ETH ETF to poach flows from BTC. - Mt Gox distribution. Neither really intrinsic to alts. https://t.co/UQs86IXB00
Today marks the largest drawdown on BTC in more than a year. We've felt the knock-on effects of a slow bleed down from $70k but really hard to put to words how strong today's selling was relative to the last few months. https://t.co/WSIb08M3Ni