Bitcoin Slides 8% as ETF Approval Optimism Fades, Forcing $400M in Liquidations
• Bitcoin slid 8% on Wednesday, liquidating $400M positions across derivatives exchanges • Slump came as optimism faded that a spot bitcoin ETF would be approved soon • Drop retraced the entire upside move from Jan. 1 • Likelihood of ETF passage became less likely due to market skepticism • Open interest fell by $2B due to liquidations and traders reducing exposure