Bitcoin's price has been plummeting, with major investors pulling their money out of U.S. spot Bitcoin ETFs. This has led to a consecutive five-day withdrawal, causing Bitcoin to drop over 5% to $91K and further to $89,175 in the last hour. BitMEX co-founder Arthur Hayes predicts that hedge funds exiting their positions could push Bitcoin down to $70,000. The demand for Bitcoin ETFs came mainly from hedge funds engaged in arbitrage trading, and their withdrawal is causing a lack of demand for Bitcoin. If new buyers don't enter the market, the warning of Bitcoin dropping to $70,000 could become a reality. The market is hopeful for new ETFs to bring fresh capital and help with the market recovery.



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