The Proshares Ultrashort Bitcoin ETF (SBIT) closed on January 13th at $11.49, up 2.59%, as Bitcoin's price fell 0.72% to $93,814.15 amid macroeconomic pressures. Bitcoin's decline was driven by a reassessment of Federal Reserve rate cut expectations following stronger-than-expected U.S. jobs data, which led to a spike in bond yields and a stronger dollar, both of which typically weigh on risk assets. The market is also reacting to potential U.S. government sales of Silkroad Bitcoin and concerns over upcoming inflation data, further fueling bearish sentiment. Additionally, the broader risk-off environment has resulted in significant liquidations, with Bitcoin dipping below key support levels, triggering a cascade of sell-offs across the crypto market.