Bitcoin price erases 15 months of bull market gains as BTC drops to $69,000
Bitcoin fell sharply on Thursday, slipping below $70,000 and briefly touching the $69,000 level, erasing roughly 15 months of bull market gains. The move marked Bitcoin’s first sustained dip below its 2021 all-time high since November 2024, intensifying concerns that further downside targets remain in play.
Data from TradingView showed BTC/USD hitting lows of around $69,100 on Bitstamp during the Asia trading session. The sell-off triggered a cascade of liquidations, with more than $130 million in long positions wiped out in just four hours, according to figures from CoinGlass.
Market participants pointed to signs of coordinated selling by large holders. Several traders suggested that Bitcoin is being distributed on a fixed schedule, creating persistent downward pressure regardless of short-term price bounces.
The decline coincided with heightened volatility in traditional safe-haven assets. Gold briefly retraced from a recent rally, falling below $4,800 per ounce after testing $5,100, while silver swung violently between $90 and $73. The synchronized moves fueled speculation that Bitcoin was reacting to broader macro positioning rather than crypto-specific catalysts.
“BTC has entered a key support zone,” trader CW wrote on X, warning that a failure to hold the $69,000 level could open the door to a deeper correction. Several analysts highlighted the 200-week exponential moving average (EMA) just below current prices as a critical technical level to watch. Below that, some traders continue to point to the $50,000 region as a potential macro bottom.
Crypto entrepreneur Alistair Milne echoed comments from veteran trader Peter Brandt, who described the price action as “campaign selling.” Milne suggested that a large entity is offloading Bitcoin against a deadline, comparing the situation to past government-related BTC distributions executed through over-the-counter desks.
On the demand side, indicators tied to U.S. market activity remain weak. The Coinbase Premium, which measures the price difference between BTC on Coinbase and Binance, has dropped to its lowest level in more than a year. According to Nic Puckrin, CEO of Coin Bureau, the negative premium signals a lack of U.S. buying interest, even compared with periods of heightened macro stress.
Charles Edwards, founder of Capriole Investments, added that long-term “OG” Bitcoin holders appear to be selling as if prices were near all-time highs, reinforcing the view that distribution, not panic, is driving the current downturn.
For now, Bitcoin remains under pressure as traders watch whether key long-term support can hold or whether the market’s correction still has further to run.
Source: Cointelegraph
Spot bitcoin ETFs post second straight day of outflows totaling $545 million
U.S. spot bitcoin exchange-traded funds recorded a second consecutive day of net outflows on Wednesday, with investors withdrawing a combined $544.94 million, according to data from SoSoValue. The renewed selling pressure comes as bitcoin prices remain under strain amid broader risk-off sentiment across global financial markets.
Funds managed by BlackRock led the daily outflows. Its iShares Bitcoin Trust (IBIT) saw $373.44 million exit the product, making it the largest contributor to the day’s decline. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $86.44 million in outflows, while Grayscale’s Bitcoin Trust (GBTC) recorded $41.77 million leaving the fund. ETFs operated by Ark & 21Shares, VanEck and Franklin Templeton also posted net redemptions.
The withdrawals coincided with continued weakness in the bitcoin market. The largest cryptocurrency slipped below the $71,000 level late Wednesday, briefly touching its lowest price since October 2024. Market participants cited a combination of macro uncertainty and fading short-term risk appetite as drivers of the decline.
Across the past two trading sessions, total ETF outflows now stand at $816.96 million. The reversal follows a sharp $562 million single-day inflow on Monday, the strongest daily intake since mid-January. Despite the recent volatility, the year’s largest single-day inflow remains $843.62 million, recorded on January 14.
While short-term flows have turned negative, the longer-term footprint of spot bitcoin ETFs remains significant. Since their launch two years ago, U.S. spot bitcoin ETFs have accumulated $54.75 billion in net inflows. Their combined net assets now account for approximately 6.36% of bitcoin’s total market capitalization, underscoring their growing role in institutional market structure.
Selling pressure was not limited to bitcoin funds. U.S. spot Ethereum ETFs reported $79.48 million in net outflows, largely concentrated in two products. BlackRock’s iShares Ethereum Trust lost $58.95 million, while Fidelity’s Ethereum Fund (FETH) saw $20.53 million withdrawn. Other Ethereum ETFs recorded flat flows.
In contrast, U.S. spot XRP ETFs attracted $4.83 million in net inflows, led by Franklin Templeton’s XRP Fund. Spot Solana ETFs, however, posted net outflows exceeding $6 million for the day.
Source: The Block
Smart money accumulates Cardano as retail investors continue to sell
Cardano remains under price pressure, but on-chain data suggests a growing divergence between large holders and retail investors. While smaller wallets continue to reduce exposure, so-called “smart money” appears to be quietly accumulating ADA during the current consolidation phase.
Data shared by blockchain analytics firm Santiment shows that wallets holding between 100,000 and 100 million ADA have added approximately 454.7 million tokens over the past two months. At current market prices, that accumulation is valued at nearly $160 million, despite Cardano trading near multi-month lows.
At the time of reporting, ADA was changing hands around $0.35, posting minimal gains on the day while remaining down on both weekly and monthly timeframes. Price action has stayed compressed, reflecting subdued market interest and broader caution across digital asset markets.
Historically, sustained accumulation by large wallets tends to signal longer-term positioning rather than short-term speculation. These investors often build exposure gradually during periods of weak sentiment, when volatility is low and selling pressure from retail participants remains elevated.
That dynamic appears to be playing out again. Santiment data indicates that wallets holding 100 ADA or less have sold roughly 22,000 ADA over the past three weeks. While the absolute volume is small compared with whale activity, the trend itself is notable as a sentiment indicator. Retail selling during extended drawdowns is commonly associated with fatigue, frustration, or risk aversion rather than a strong conviction that prices will fall further.
The divergence between accumulation by large holders and distribution by smaller ones highlights a familiar supply transfer phase. In such periods, tokens move from weaker hands to investors with greater capital reserves and longer time horizons. While this pattern does not guarantee an immediate price recovery, it often precedes periods of stabilization once retail selling pressure subsides.
For now, Cardano’s on-chain signals suggest that its largest holders are increasing exposure quietly, even as broader market sentiment remains cautious and price momentum stays muted.
Source: Techgaged