Overview
- Bitcoin briefly tested roughly $74,000–$76,000 before rebounding above $75,000 early Monday, marking the lowest levels since early 2024.
- More than $5 billion in leveraged positions were liquidated since Thursday, including about $510 million over the past 12 hours with longs bearing most of the losses.
- U.S. spot Bitcoin ETFs recorded about $1.5 billion of outflows last week and roughly $2.8 billion over two weeks, leaving the average ETF cost basis near $87,800 below current prices.
- Derivatives stress intensified with one of the largest CME futures gaps since 2017, futures open interest at nine-month lows, and options pricing favoring downside protection.
- Analysts are split between a cycle low forming near $75,000–$80,000 and the risk of deeper retracements toward the $60,000–$70,000 area given persistent macro headwinds.