1) Grayscale Redemption
In the past 2 days, Bitcoin ETFs have seen net outflow of over $500M
Grayscale had a new outflow of $1.1 billion in the last 2 days which explains the selling
2) FOMC Meeting Decision
Today is FOMC day and Powell will speak
Recently, Bank of Japan raised their interest rate for the 1st time in 17 years which is leading to the sell off
If Powell sounds dovish in the meeting, the market can resume its upward momentum otherwise there can be few more red candles
3) Tax Season
Right now, there is tax season going on in the US where investors usually sell their assets
Given that BTC has been one of the best performing asset, it's highly likely that big investors are taking profits
Don't forget that we're still in a bull market
BlackRock and Fidelity is still accumulating BTC
Halving has still not happened
Rate cuts will happen in 2024
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