Bitcoin Falls Below $68K as ETFs See Heavy Outflows
Bitcoin slid below $68,000 as ETF outflows topped $3.4 billion and Michael Saylor’s firm sold 32 BTC; Myriad users now put a 53% chance of a drop to $55,000.
Bitcoin fell below $68,000 on Tuesday, trading near $67,312. The price dropped more than 5% in 24 hours and over 12% for the week. The token is about 46% below its all-time high of $126,080.
Users on the prediction market Myriad now assign a 53% probability that Bitcoin will fall to $55,000 rather than rise toward $84,000. Days earlier the same market had placed a 62% probability on an upward move.
Michael Saylor’s treasury firm sold 32 BTC, roughly $2.5 million, its first disposal since 2022 after accumulating a large holding.
U.S. spot Bitcoin exchange-traded funds recorded 11 consecutive days of net outflows totaling more than $3.4 billion, leaving the ETF suite with net outflows for the year to date.
The defunct exchange Mt. Gox moved 10,422.65 BTC, about $739 million, out of cold storage. Most of the funds went to a new wallet and 116.30 BTC were routed to a known hot wallet. Those transfers do not necessarily indicate sales and took place as a repayment deadline for creditors approaches.
Data showed nearly $600 million in BTC long positions were liquidated in the latest 24-hour period.
The sale by the treasury firm, sustained ETF withdrawals, large transfers from Mt. Gox and the liquidation of long positions coincided with the recent pullback in Bitcoin prices.
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