Bitcoin's price fell below $97,000, accompanied by significant declines in major altcoins such as Ethereum, XRP, and Solana, after Michael Burry announced the closure of his hedge fund, Scion Asset Management. This decision has heightened concerns about overvalued tech assets, leading to a $200 billion market sell-off. Burry, in a letter to shareholders, attributed the closure to a misalignment between his valuation estimates and the market. The announcement also coincided with over $1 billion in outflows from US spot Bitcoin and Ethereum ETFs, with Grayscale’s BTC fund experiencing the largest outflow of $318.2 million.