Overview
- Bitcoin briefly hit roughly $60,000 before bouncing back above $70,000, posting its biggest one‑day gain since March 2023 yet remaining down for the week.
- U.S. spot bitcoin ETFs logged consecutive net outflows, with $544.94 million pulled on Wednesday and $816.96 million over two days, led by a $373.4 million withdrawal from BlackRock’s IBIT.
- IBIT recorded an all‑time high near $10 billion in daily trading volume on Feb. 5 as investors repositioned during the sell‑off.
- Derivatives stress deepened, with about $2.67 billion in 24‑hour liquidations and options and futures metrics showing panic‑level hedging and a sharply reduced basis.
- ETFs still hold most of their bitcoin allocations despite the turbulence, while macro signals and policy cues — including weak jobs data, the Warsh Fed nomination, and Treasury’s rejection of a bitcoin‑buying backstop — kept risk appetite muted; Binance’s SAFU fund disclosed new purchases of about 3,600 BTC, with recent buys totaling roughly 6,230 BTC.