Bitcoin's value has decreased significantly, nearing $80,000, impacted by $4.5 billion in outflows from Bitcoin spot ETFs over four weeks. The Grayscale Bitcoin Trust (GBTC) led this trend, causing BTC selling pressure. Meanwhile, President Trump's establishment of a 'Strategic Bitcoin Reserve' disappointed investors due to its lack of active Bitcoin purchases. Compounding these issues, recent economic data showed unemployment and payroll numbers that missed expectations, coupled with ongoing trade tensions, especially between the U.S. and China, influencing market sentiment and increasing investor caution towards risk assets.
This trend is putting downward pressure on BTC's price, as the increased supply from GBTC entering the market is triggering strong selling pressure.
The main reason for this disappointment is that the order does not include a government plan to actively purchase Bitcoin but instead focuses solely on managing Bitcoin seized from criminal and civil cases.
Friday's financial markets reacted to the release of non-farm payroll (NFP) data and the U.S. unemployment rate, which both fell short of expectations, highlighting a less optimistic economic outlook.
Recent trade tensions between the U.S. and China have continued to escalate, raising concerns about an increasingly complex trade war.
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