Overview
- Bitcoin slipped to roughly $72,500–$73,300 on Thursday after reports of U.S.–Iran strikes prompted investors to move into perceived safer assets and forced leveraged liquidations.
- U.S. spot Bitcoin ETFs have recorded a multi‑session withdrawal streak exceeding $2 billion, and a single large IBIT dark‑pool block of about $1.29 billion accelerated selling by forcing the trust to sell underlying BTC.
- On‑chain data show exchange reserves at historically low levels (about 2.67 million BTC) even as cycle indicators and long‑term holder profitability weaken, with long‑term holder SOPR falling below 1 and miner transfers to exchanges rising.
- Technically, Bitcoin has lost key structure around $74,000 and the $73,000–$71,300 cluster, and analysts say a close below $70,000 would broaden scenarios toward the CryptoQuant HODL‑wave mid‑$60k band or deeper chartist targets.
- XRP presents a contrasting signal for retail traders, with Santiment reporting a 30‑day MVRV near −47%, a level the firm calls a short‑term capitulation that has historically preceded strong rebounds.