The ProShares Bitcoin Strategy ETF (BITO) closed at $22.84 on January 8, down 2.56%, as Bitcoin's price fell 2.86% to $94,167.88 amid macroeconomic pressures and regulatory developments. Bitcoin's decline was driven by strong U.S. economic data and rising bond yields, which heightened expectations of a hawkish Federal Reserve, leading to a risk-off sentiment. The cryptocurrency market also faced pressure from nearly $1 billion in liquidated leveraged positions, predominantly longs, as Bitcoin slipped below $93,000. Additionally, Cathie Wood's Ark Invest sold over 36,000 shares of its Bitcoin-backed ETF, reflecting caution amid volatility. Despite $52 million in Bitcoin ETF inflows, the market remains cautious, with analysts predicting potential consolidation before a possible bounce influenced by upcoming economic data and President-elect Trump's inauguration.