Bitcoin (BTC) price correction accelerated on Tuesday as U.S.-listed spot exchange-traded funds (ETFs) fell.. The leading cryptocurrency by market value fell more than 8% to less than $62,000, according to data from charting platform TradingView. This is the largest daily percentage (UTC) decline since November 9, 2022. That day, Sam Bankman Fried’s FTX, previously the third-largest cryptocurrency exchange, went bankrupt, sending its price plummeting more than 14%. According to trader and economist Alex Kruger, Bitcoin’s recent price decline was fueled by several factors, including outflows from spot ETFs. There was a net outflow of $326 million from spot ETFs on Tuesday, the largest on record, according to preliminary data released by investment firm Farside. On Monday, Grayscale’s ETF saw record outflows of $643 million. “Reasons for collapse in order of importance: #1 Too much leverage (funding issues). #2 ETH is driving the market south (the market has decided that the ETF will not pass). #3 Negative BTC ETF inflows (note, data is T+1). #4 Solana shitcoin mania (went too far),” Kruger said on X.