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June 3rd
(1) Sudden Crash and Bloodbath
Bitcoin's lowest dip was 65k, with a 24-hour drop of over 7%, currently rebounding to around 67k
Total liquidation across the network reached 65k, with longs liquidated at 67k, bulls slaughtered
Fortunately, everyone stayed cautious before the crash, avoiding a disaster
(2) Causes of the Crash
Bitcoin ETF net outflow was 519 million in a single day, with a total outflow of over 2.4 billion in the past week, institutions are fleeing
MicroStrategy SEC filings confirm they have sold Bitcoin, "HODLing forever" is being rewritten
CME data: probability of interest rate hikes this year is 37%, chance of rate cuts is only 0.5%, CPI at 3.8%, PPI at 6%, the rate cut dream is shattered
(3) Trading Advice
Don’t rush to buy the dip in the short term, whales are still selling, ETFs are still flowing out
Watch the 65k support level, hold your hands, wait for inflation data before making moves #btc #eth