Bitcoin ended the week on a sour note, crashing hard early Friday morning. The drop pushed the price below $66,000, dragging the rest of the crypto market down with it.
Spot ETF Inflows Slow Down
The crash may have been triggered by a slowdown in Spot Bitcoin ETF inflows. These ETFs had been driving the recent bull run, but institutions have scaled back their buying this week.
Spot On Chain reported a sharp decline in net flows into these ETFs over the past few days. The drop started on Wednesday, March 3, with a 38% decrease in daily inflows. Thursday saw another massive crash, with inflows falling 80.6% compared to the previous day.
Bitcoin Struggles to Recover
After dropping to $65,600, Bitcoin has struggled to recover. There was some initial buying activity, but the price was rejected at $68,700. It’s currently hovering around $66,500, with $68,000 acting as a significant resistance level.
The crash has caused Bitcoin’s price to decline over 8% in the past day, reducing its market cap to $1.33 billion. Altcoins like Ethereum, Dogecoin, and Cardano have also suffered, with an average decline of 10%.
