The cryptocurrency market is currently experiencing turbulence, primarily due to the substantial price volatility of Bitcoin (BTC). Recently, Bitcoin has faced a significant drop of 5.47%, intensifying concerns among market participants.
Amid these challenging conditions, a total of $732.5 million has flowed out of Bitcoin. This outflow is indicative of traders reacting to the ongoing market instability.
The situation is further complicated by the presence of overleveraged traders, who are particularly vulnerable to sudden price movements.