Increasing correlation with US stocks and growing fears of “Trumpcession” have primarily driven the Bitcoin sell-off.
Bitcoin (BTC) has declined by more than 15% since Feb. 3—when US President Donald Trump threatened to impose tariffs on China, Mexico, and Canada—and was trading for as low as around $86,400 as of March 5.
BTC/USD daily price chart. Source: TradingView
Simultaneously, investors have withdrawn over $3.50 billion in assets from US-based Spot Bitcoin exchange-traded funds (ETF) since Feb. 3, according to Farside Investors data.
