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Crypto Week: BTC Flash Crash and Record Outflows from BTC ETFs

Bitcoin (BTC) has experienced a significant decline of 7.5% since the start of the week, falling to $63,000. This drop marks a 15.5% decrease from its recent all-time high of $73,864.

The decline in Bitcoin prices has been notable, with a particularly shocking flash crash occurring on BitMEX exchange where prices briefly plummeted to $8,900 per coin. This sudden drop was triggered by a large sell order of 850 BTC worth $55 million, causing prices to crash within minutes before swiftly rebounding back to around $67,000 per coin. While this incident was not a technical failure, it highlights the vulnerability of the market to significant sell-offs.

Sentiment in the crypto market is deteriorating, with concerns mounting about the potential rejection of spot Ethereum-ETF applications by the U.S. Securities and Exchange Commission (SEC) in May. This news contrasts with earlier expectations of approval and has contributed to a negative outlook among investors.

Capital outflows from spot BTC-ETFs have further fueled the decline in Bitcoin prices, with significant withdrawals reported across various funds. Grayscale Bitcoin Trust (GBTC) experienced its largest-ever outflow since its launch, leading to forced liquidation of positions totaling $511 million on Tuesday.

Despite the recent correction, a support level for BTC has been established at $58,000-60,000, providing some stability for now. However, if the downside momentum persists, this support may not hold, potentially leading to further declines towards $50,000 per coin. Monitoring capital flows into spot BTC-ETFs will be crucial to get the direction of future price movements.