Bitcoin exchange-traded funds bled $630 million on May 13. The exodus came as companies slowed their Bitcoin treasury purchases, and a massive options position near $82,000 threatens to shake things up.
Bitcoin suffered a sharp pullback on Wednesday, giving up the crucial $80,000 support level that helped BTC rally to prices last seen earlier in the year. The selloff comes as Congress has also confirmed a new Federal Reserve (Fed) chair—Kevin Warsh—raising expectations for how monetary policy could evolve next.