24 hours liquidation of over 1 billion dollars! Bitcoin suddenly crashes, is Musk one of the "masterminds" behind it?

GMTEight Source, as investors anticipate higher interest rates to persist for a longer period, cryptocurrencies are falling along with global risk assets. The news of Elon Musk's SpaceX selling Bitcoin has intensified concerns. As of the time of writing, Bitcoin is trading at $26,478, a decrease of 7.68%, falling below the $26,000 mark. Global bond yields have reached multi-year highs, reducing the attractiveness of alternative investments such as digital tokens. After weeks of subdued trading, Bitcoin has suddenly dropped, triggering widespread liquidation on various exchanges. According to Coinglass, over $1 billion worth of positions have been liquidated in the past 24 hours as prices dropped. It has been reported that SpaceX has reduced the value of its held Bitcoin by $373 million and sold the cryptocurrency. It is currently unclear when SpaceX sold the Bitcoin. This news has also dampened market sentiment. Josh Gilbert, a market analyst at the trading and investment firm eToro, stated, "With limited catalysts in the short term to drive Bitcoin higher, a drop below $25,000 could give the bears an advantage, and if the retreat of global risk assets continues, Bitcoin may face further declines." While the broader market sell-off has eased with a weaker US dollar, the selling of digital tokens continues to increase on Friday due to liquidity constraints. The index tracking the top 100 digital tokens has dropped over 5%. Analysts suggest that the next support level for Bitcoin is $25,000, and breaking this support level could accelerate liquidation. Other smaller tokens are also trading lower, with Ethereum dropping 2.3%, Cardano falling 4.4%, and Solana decreasing 4.4%. Coinglass reports that the largest single liquidation order occurred on Binance, worth $55.92 million. Bitcoin ETF This round of decline has almost erased the gains recorded since BlackRock unexpectedly submitted a Bitcoin ETF application on June 15. After surging 72% in the first quarter, Bitcoin has fallen nearly 9% since the end of March. Last year, Bitcoin plummeted 64% amid a series of industry scandals and bankruptcy events. There was a certain level of optimism in the market after reports suggested that the U.S. Securities and Exchange Commission (SEC) is preparing to allow the first Ethereum futures ETF to be listed. Prior to this decline, Bitcoin had been trading within a narrow range for months. According to data compiled by Bloomberg, the indicator measuring Bitcoin's price volatility has been trending downward, reaching its lowest level since 2016 with a 90-day volatility rate. Shiliang Tang, Chief Investment Officer at cryptocurrency investment firm LedgerPrime, said, "Earlier this week, there was optimism that the ruling on the Grayscale Bitcoin ETF would be announced this week, but there has been no outcome." "Additionally, traditional markets have performed weakly this week, with the S&P index and tech stocks being sold off. The U.S. 10-year Treasury yield has reached a high, and the U.S. dollar has attracted buying, all of which are unfavorable for risk assets."