Bitcoin falls over 6% as ETF outflows and options expiry weigh on market
Bitcoin dropped to an intraday low of $58,189 before stabilizing near the $59,000 area.
The decline came after U.S. spot Bitcoin ETFs posted $691.7 million in net outflows.
About $10.6 billion in Bitcoin contracts are set to expire, putting pressure on the spot market.
More than $1.1 billion in crypto positions were liquidated over 24 hours, including about $875 million in longs