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Monday's Bitcoin market experienced significant turbulence. Just after news broke that approximately 400k mining machines in China had shut down, causing the hash rate to drop by 8%, BTC plummeted from the $86,000 range and was tested near $85,000.
In tandem with this decline, BTC-related ETFs also faced substantial selling pressure. A total net outflow of $357.6 million occurred across all spot ETFs on Monday. Fidelity's FBTC alone sold $239.12 million, and major BTC ETFs such as Bitwise, Ark, and 21Shares were also sold one after another. The daily trading volume reached $5.29 billion, indicating quite active trading.
Long positions were overwhelmingly liquidated, with 86% of BTC liquidations yesterday being long positions. It’s also possible that some miners, facing deteriorating profitability, sold off BTC. The decline in hash rate and the resulting security concerns seem to have rapidly cooled investor sentiment.