Bitcoin (BTC), which had comfortably held a value above $40,000 until January 22, witnessed a sudden decline of 3.5% within the last 24 hours, marking a significant shift in the digital asset landscape.

This bitcoin drop had a major impact on futures traders, resulting in substantial losses. Coinglass reported that within the past 24 hours, BTC positions totaling $63 million were liquidated, with a predominant 80% of these positions being longs.

A major catalyst for this downturn stems from massive outflow of funds from Grayscale Bitcoin Trust. According to CryptoQuant’s data, a staggering 14,291 bitcoin were withdrawn from the fund on January 22, amounting to $570 million at current…

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