Bitcoin Price Drops Over 8% in Biggest Fall Since FTX as Outflows Add Selling Pressure

Bitcoin's price fell over 8% to under $62,000, the biggest single-day percentage drop since FTX's collapse in November.

Outflows from Bitcoin spot ETFs helped catalyze the latest price slide, with Grayscale's ETF seeing a record $643 million outflow on Monday.

Immutable and Polygon Labs teamed up with King River Capital to form a $100 million "Inevitable Games Fund" to invest in high-growth Web3 gaming opportunities.

BlackRock created a digital asset fund called the BlackRock USD Institutional Digital Liquidity Fund in partnership with tokenization firm Securitize.

Options traders remain bullish on Bitcoin's price over the next 3-6 months despite the recent weakness.