Overview
- Bitcoin briefly touched roughly $70,700 before stabilizing in the low $70,000s, returning to price levels last seen in 2024.
- Roughly $650 million in crypto positions were liquidated over 24 hours, with Bitcoin accounting for about 41% and long positions bearing the brunt as open interest fell.
- Spot Bitcoin ETFs have recorded about $1.1 billion in net outflows this month, and a negative Coinbase premium points to weak U.S. spot demand.
- A selloff in tech shares, particularly AI-linked names, has weighed on risk assets, adding pressure to crypto markets.
- Analysts are split, with some calling the drawdown typical of past cycles while others warn a continued unwind could test near $60,000 as fear gauges sink to extreme levels.