Bitcoin has fallen to the $74,000 level as the overall virtual asset market turns lower. Analysts say large-scale selling in spot ETFs is to blame.
As of 8:45 a.m. on the 28th, Bitcoin was down 2.14% from 24 hours earlier at $74,000, according to CoinMarketCap.
Over the same period, Ethereum fell 2.58% to $2,019, and XRP (Ripple) was down 1.84% at $1.30. Solana was down 1.76% at $82.21.
Analysts say a large outflow of funds from U.S. spot Bitcoin ETFs has driven a broad decline in virtual asset prices.
According to Bloomberg, on the 26th, 29 million shares changed hands in a dark pool transaction in BlackRock's IBIT ETF, with $1.289 billion sold. That reportedly put pressure on Bitcoin's price.
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