Bitcoin’s price fell to a year-to-date low near $74,555, marking a 40% decline from its all-time high. The drop coincided with $1.35 billion in net weekly outflows from global Bitcoin exchange-traded products, driven by US spot ETFs. Analysts note extreme undervaluation metrics and bearish sentiment, though some technical indicators suggest conditions that have preceded short-term rebounds.
Bitcoin’s price decline to approximately $74,555 represented a 40% drawdown from its record peak. The move coincided with $1.3 billion in net outflows from global Bitcoin exchange-traded products last week, as stated in a market report.
The two-year rolling Market-Value-to-Realized-Value z-score hit its lowest level ever recorded. This metric signals “fire-sale valuations for Bitcoin,” according to the analysis.
Global crypto ETPs saw $1.73 billion in net outflows, following $1.81 billion the prior week. Bitcoin products alone accounted for $1.35 billion of the total outflow.
US spot Bitcoin ETFs led the capital flight, with the Grayscale Bitcoin Trust and the iShares Bitcoin Trust posting significant weekly outflows. The broader sentiment index dropped to levels last seen during a major liquidation event in October 2023.
Bitcoin’s daily Relative Strength Index dropped into the 20 to 25 range. This zone has preceded roughly 10% price rebounds in every instance since August 2023, with one delayed exception.
Lower time frame data shows the spot cumulative volume delta on exchanges like Binance and Coinbase turned positive as Bitcoin rebounded. This indicates net aggressive buying driven by spot demand rather than leveraged positions.
More than $1.8 billion in long positions were liquidated last week. A trader noted a bullish spot CVD divergence across major exchanges.
Current market liquidity shows over $3 billion in cumulative short positions at risk near the $85,000 price level. This data is sourced from liquidation trackers.
