Over the weekend, Bitcoin slid quite sharply. After rising to nearly $70,000 on Wednesday, it turned into a decline during U.S. market hours on Thursday and Friday, and by early Saturday morning in Asia it had fallen as low as $65,735. That’s a drop of 3% on a daily basis and about 2.8% over the week.

Altcoins were even worse. Solana fell 6.7%, Ethereum dropped 6.2%, and Dogecoin fell 5.1%, while XRP also fell by 4%. Even the U.S. stock market wasn’t doing well—S&P 500 was down 0.4%, the Nasdaq 100 fell 0.3%, and the Dow Jones dropped 1.1%. In other words, cryptocurrencies followed the losses in the stock market, but reacted far more sharply.

This time, multiple macroeconomic bad news items overlapped. Producer prices rose by around $0.5 more than expected, signaling that the Fed’s rate-cut prospects have moved further away, and news of large-scale layoffs at Block Inc. also increased fears that AI is replacing jobs. On top of that, the exchange USDT reserves dropped from $60 billion to $51.1 billion, which also had an impact.

What’s interesting is that the institutional fund flow data was strong. In just 3 days, $1.1 billion flowed into U.S. spot Bitcoin ETFs, which was expected to represent the highest weekly performance in months. But this level of capital inflow still couldn’t overcome the broad macro headwinds. Bitcoin is currently stuck trading in a range between $60,000 and $70,000, and it remains unclear whether the lower end is solid.