Why Is Bitcoin Dumping ?

1) Grayscale Redemption

In the past 2 days, Bitcoin ETFs have seen net outflow of over $500M

Grayscale had a new outflow of $1.1 billion in the last 2 days which explains the selling

2) FOMC Meeting Decision

Today is FOMC day and Powell will speak

Recently, Bank of Japan raised their interest rate for the 1st time in 17 years which is leading to the sell off

If Powell sounds dovish in the meeting, the market can resume its upward momentum otherwise there can be few more red candles

3) Tax Season

Right now, there is tax season going on in the US where investors usually sell their assets

Given that BTC has been one of the best performing asset, it's highly likely that big investors are taking profits

Don't forget that we're still in a bull market

BlackRock and Fidelity is still accumulating BTC

Halving has still not happened

Rate cuts will happen in 2024