Overview
- Bitcoin briefly fell to roughly $60,000, its lowest level since October 2024, before recovering above $70,000 in its biggest one‑day gain since 2023, though it remains down for the week.
- U.S. spot bitcoin ETFs logged a second straight day of net outflows with $545 million on Wednesday and $817 million over two days, led by BlackRock’s IBIT.
- IBIT notched a record near $10 billion in daily trading volume during the sell‑off, while Coinglass tracked $2.67 billion in 24‑hour liquidations and options data showed elevated demand for downside protection.
- On‑chain indicators show redistribution: large holders sold about 81,000 BTC over eight days and whale inflows to Binance hit their highest level since 2022, with exchange inflows rising.
- ETF custody levels have only slipped about 6–7% from highs, Binance’s SAFU fund disclosed a 3,600 BTC purchase, and Treasury Secretary Scott Bessent stated the government lacks authority to buy or bail out crypto.