Bitcoin fell below $70,000 today for the first time since August, trading near $68,500 after a $1.6 billion liquidation wave wiped out leveraged longs.
Spot bitcoin ETFs have now seen six straight days of outflows, about $1.44 billion in total, and the fear and greed index has dropped to 20, its first extreme fear reading since July.
There is slower pressure building too. MSCI confirmed it will remove Strategy, the largest publicly listed holder of bitcoin with 850,364 BTC, from its global indexes after the Nov 30 close, which could force around $2.8 billion of index fund selling.
My take: the flush looks forced rather than fundamental, but with ETF demand still draining and a big index exit ahead, I would not call a bottom on one bounce. #Bitcoin $BTC
Spot bitcoin ETFs have now seen six straight days of outflows, about $1.44 billion in total, and the fear and greed index has dropped to 20, its first extreme fear reading since July.
There is slower pressure building too. MSCI confirmed it will remove Strategy, the largest publicly listed holder of bitcoin with 850,364 BTC, from its global indexes after the Nov 30 close, which could force around $2.8 billion of index fund selling.
My take: the flush looks forced rather than fundamental, but with ETF demand still draining and a big index exit ahead, I would not call a bottom on one bounce. #Bitcoin $BTC