Derived from Insidebitcoins, Bitcoin dropped below $97,000 and major altcoins like Ethereum, XRP, and Solana fell sharply following Michael Burry's decision to shut down his hedge fund, Scion Asset Management. The move intensified concerns over overvalued tech assets and triggered a $200 billion market sell-off. Burry cited a misalignment between his valuation estimates and the market in a letter to shareholders. Additionally, over $1 billion flowed out of US spot Bitcoin and Ethereum ETFs, with Grayscale’s BTC fund recording the largest outflow of $318.2 million.
Bitcoin Falls Below $97K as Michael Burry Shuts Down Hedge Fund
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