Overview
- Bitcoin fell to intraday lows near $61,400 on Thursday as selling pressure from institutions and leveraged traders accelerated the decline.
- U.S. spot Bitcoin ETFs logged their longest consecutive outflow streak, with roughly $1 billion pulled this week, forcing authorized participants to sell actual BTC into the market.
- Derivatives liquidations wiped out roughly $1.5–1.76 billion in 24 hours and closed more than 200,000 positions, with Bitcoin accounting for over $800 million of losses.
- On-chain data showed large transfers to exchanges, including about 54,000 BTC flagged by analysts, and MicroStrategy disclosed a small sale of 32 BTC that traders viewed as a bearish signal even though it was too small to cause the liquidation cascade.
- Market watchers warn that technical indicators are deeply oversold but say the current setup is short-heavy so a pause in selling could trigger a rapid short squeeze while near-term direction will hinge on continued ETF flows, exchange inflows, derivatives open interest, and geopolitical developments.