Bitcoin experienced a significant drop in value on August 5, causing the market sentiment to shift to “extreme fear.” This drop coincided with a massive outflow of $168 million from Bitcoin exchange-traded funds (ETFs). The sudden decrease in value and outflow of funds contributed to the overall negative sentiment surrounding Bitcoin on that day. Investors and traders were cautious and uncertain about the future of the cryptocurrency as it struggled to regain its footing in the market.
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