Key facts
- Bitcoin fell below $62,000.
- Over $1.5 billion in crypto long positions were liquidated.
- Bitcoin experienced a 6% one-day price drop.
- U.S. spot Bitcoin ETFs saw a record 12 consecutive days of outflows, totaling nearly $4 billion.
- MicroStrategy sold approximately $2.5 million worth of Bitcoin.
- Short-term holders are realizing significant losses and transferring coins to exchanges.
- Whale activity, measured by transactions over $100,000, has increased.
Bitcoin experienced a significant price decline, falling below the $62,000 mark and triggering over $1.5 billion in liquidations for leveraged crypto long positions. The cryptocurrency saw a 6% one-day price drop, reaching an intraday low of $65,372. This decline erases the gains of the last two months and pushes Bitcoin 47% below its all-time high recorded in October. The downturn coincides with a record streak of 12 consecutive days of outflows from U.S.-listed spot Bitcoin ETFs, totaling nearly $4 billion. MicroStrategy also sold approximately $2.5 million worth of Bitcoin. According to Presto Research, Bitcoin's drawdowns this year have coincided with rallies in AI stocks and gold as markets scale back expectations for Fed rate cuts. In addition to the ETF outflows, realized losses among short-term Bitcoin holders have sharply increased, with over 38,000 BTC transferred to exchanges in 24 hours, many at a loss. This indicates potential selling pressure from recent buyers capitulating due to volatility. Despite this, Bitcoin whales have shown optimism, with transactions valued at $100,000 or more reaching their highest levels in six weeks.