Overview
- Bitcoin fell into the low $80,000s after briefly tagging near $80,000, putting this month on track to be its worst since 2022 with a drop of roughly 23%–25%.
- Macro uncertainty following mixed U.S. jobs data and unclear Fed rate‑cut timing triggered a broad risk-off move that hit cryptocurrencies and equities.
- U.S. spot Bitcoin ETFs saw heavy redemptions, including about $903 million in a single day, weakening a key source of demand that had supported prior rallies.
- Around $2 billion in leveraged positions were liquidated, while options-market gamma dynamics around $85,000 and $80,000 amplified the slide as dealers hedged.
- On‑chain stress intensified with a 21‑day negative Coinbase premium and short‑term holder losses, and analysts warn a clean break below $80,000 could expose downside toward roughly $74,000.