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📌 Main reasons for the decline
• MicroStrategy's first reduction: breaking the "never sell" tradition, selling 32 BTC, causing a psychological shock in the market
• Continuous net outflows from US spot BTC ETFs: funds have been withdrawing for several days, suppressing buying pressure
• Rising geopolitical risks: US-Iran negotiations deadlock, Strait of Hormuz risks increase safe-haven sentiment, high-risk assets under pressure
• Leverage liquidation chain reaction: over 150k traders liquidated across the network in 24 hours / approximately 150k yuan, with a high proportion of long positions, accelerating the decline
$BTC