Overview
- Bitcoin dropped to as low as $73,111 on Tuesday before hovering near $75,000, extending a weeks-long slide as the Nasdaq fell roughly 2% and precious metals surged.
- U.S. spot Bitcoin ETFs recorded about $2.15 billion in net outflows over the past two weeks, reinforcing signs that marginal demand and on-chain liquidity have weakened.
- Derivatives stress has persisted, with multi-billion-dollar liquidations reported over the weekend and hundreds of millions more in the past day as leverage unwinds.
- Galaxy Digital’s Alex Thorn cautions that price could drift toward the $70,000 area and potentially test the realized price near $56,000 and the 200-week moving average around $58,000.
- Sentiment has turned fearful with short-term holders in loss, while Bitwise’s Matt Hougan notes earlier institutional buying—ETFs and corporate treasuries—cushioned declines and argues the crypto winter may be nearing its end.