Bitcoin sell-off mystery破解：不是机构抛盘，而是清算+ETF流出

[Crypto World] Recently, there have been rumors that a top Wall Street trading firm will trigger a Bitcoin sell-off around 10:00 AM every day. But looking at the actual data, this claim doesn’t hold water.

At the market open in the US, Bitcoin was actually trading within a narrow range of $92,000 to $93,000, and the real decline only happened afterward. From the perspective of open interest in futures contracts, the market remained relatively stable. More importantly, this wave of selling wasn’t caused by a single big player dumping large amounts, but rather by scattered sell orders across various exchanges.

So what is the real reason? The data points to two factors. First, the total liquidation in the crypto market exceeded $430 million, and such a scale of liquidation often triggers chain reactions. Second, there was a $77 million outflow from the US spot Bitcoin ETF. The combination of these two factors released the price pressure.

It seems that every wave of market movement has its clues. Instead of blindly believing rumors, it’s better to focus on on-chain data and capital flows.