Bitcoin had recently approached $59,000, and the market had again experienced large fluctuations. In addition to falling prices, leverage silos, the outflow of cash ETF funds and the small-scale sale of Bitcoin by Strategy were the main sources of pressure in this downward round.

About $1 billion in a 24-hour silo.

The CoinGlass data show that in the past 24 hours, approximately 17.69 million traders have been forced to settle, with a cumulative amount of about $1 billion. Of this amount, multi-head silos were close to $800 million and empty silos were approximately $220 million.

The single largest blast chamber was at the BTCUSDT warehouse in Binance for approximately $12.2 million. Large flats tend to magnify short-line fluctuations and further reduce market liquidity.

Strategy sold 32 bitcoins.

Another change in market concerns comes from Strategy. The company recently sold 32 bitcoin to cover dividends-related expenses. This was a rare move in its many-year-old currency-holding tactics, which also triggered a discussion of its “long-term non-sale” position.

However, in terms of the size of the warehouse, Strategy still holds 84.7363 million bitcoins, with no significant change in the overall warehouse position. The real source of concern was the pressure on its financing model to lag sharply behind in stock prices.

It was reported that the higher MTR stock price points had fallen by about 82 per cent and had fallen to almost two years low, evaporating over $150 billion. As Strategy has long supported Bitcoin configurations through capital market instruments, weak stock prices are also seen as a sign of a deterioration in market sentiment.

ETF funds continue to flow.

Institutional funding is equally weak. The spot bitcoin ETF net outflow this week has exceeded $900 million, indicating that some large investors are still withdrawing funds rather than continuing to build.

Against the backdrop of the fall of ETF funds and the passive release of leverage positions, the short-term charge of Bitcoin was evident. The article mentions that if the sale continues, the market may continue to look for stronger support areas.

In historical terms, the fall in the current round, although already evident, is still below the depth of part of the past bear market phase. The next focus of the market will be on whether ETF funds are going down, whether leverage is going to go further, and whether there is a new holdup for Strategy.