Why has Bitcoin fallen again? 1. Nvidia CEO's major scandal caused a tech stock crash. The crypto market is too closely tied to tech stocks, and today it was dragged down. 2. Bitcoin ETFs have seen large outflows for five consecutive days, accumulating a $1.4 billion loss. Institutional investors are really running away; buying interest has essentially disappeared. 3. Inflation data is hot again, and the market now largely believes the Fed will raise interest rates in December. Higher interest rates will make cryptocurrencies even less desirable. 4. US Treasury yields have surged again, making Treasury interest more attractive. People would rather hold Treasury bonds than non-interest-bearing Bitcoin. 5. The total supply of stablecoins is still shrinking, and the amount of money available to directly buy cryptocurrencies in the market is decreasing, significantly worsening liquidity.