Bitcoin has declined below $68,000 amid significant outflows from spot exchange-traded funds (ETFs), increasing selling pressure. According to market data, BTC lost 4.22% in 24 hours, with trading volume reaching $50.79 billion. On-chain analysis indicates a deeper drop to $54,000 could trigger over $70 million in long position liquidations. ETF data shows a net outflow of $349 million, led by Fidelity’s fund.
Bitcoin fell below $68,000 on March 7 as increased outflows from spot exchange-traded funds heightened market selling pressure. The asset traded around $67,791, marking a 4.22% loss over 24 hours according to TradingView market data.
Despite the drop, Bitcoin maintains a market capitalization of $1.36 trillion with 58.5% dominance. Its 24-hour trading volume was $50.79 billion.
On-chain data indicates a deeper correction could force major liquidations. Analyst Ali Martinez stated a drop to $54,000 could liquidate over $70 million in long positions.
Spot Bitcoin ETFs reported substantial net outflows of $349 million. The Fidelity Wise Origin Bitcoin Fund alone saw $159 million exit in a single session.
This brought the fund’s cumulative net outflows to about $153 million. Such movements often influence short-term Bitcoin pricing dynamics.
Ethereum spot ETFs mirrored the trend with $82.85 million in net outflows. The Fidelity Ethereum Fund contributed $67.57 million of that total.
Fidelity’s Ethereum product now shows cumulative net outflows of roughly $218 million. The data reflects declining institutional investment in recent sessions.
Analysts are monitoring whether Bitcoin can hold key support levels. Attention is focused on the $65,000 and $60,000 price zones.
