Bitcoin price: below $75,000, its lowest since mid-April

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The decline was rapid and general: Bitcoin dropped more than 3% in 24 hours and the entire market followed, including ether.

Behind this breakout, buyers are becoming rarer. Julio Moreno, director of research at CryptoQuant, observes spot demand contracting at the fastest pace since January 10.

US Bitcoin ETFs accelerate withdrawal. These listed funds hold real bitcoins. Outflows exceeding $2 billion left them in two weeks. This is one of the fastest exoduses in their history.

The mechanism is simple. When an ETF receives money, its issuer buys bitcoins to issue new shares, but when outflows dominate, this support disappears.

For example, if a massive withdrawal happens to a single fund, the issuer must sell the equivalent in bitcoins. The market then loses its most regular buyer.

The breakout then triggered forced sales. These liquidations hit leveraged positions whose margin no longer covers losses, and they wiped out $941 million in contracts. Coinglass lists more than 161,200 traders affected.

Positions linked to Bitcoin took $378 million in damage. The editorial team dissected this wave of liquidations earlier today.

In this purge, the so-called long positions, which were banking on a continued rise, concentrated 870 million dollars in losses.

Downward bets lost only 71.4 million, proof of a market that was still counting on recovery before the fall.

The biggest liquidation hit the Bitget platform, with a $32.4 million Bitcoin contract.

Risk indicators confirm the tension. Joao Wedson, CEO of analytics firm Alphractal, noted a discrepancy. Bitcoin’s annual Sharpe ratio has swung into negative territory.

This ratio compares the return obtained to the risk taken to obtain it, and its negative version signals a risk that does not pay off.

That of ether is close to zero, a neutral zone that offers no premium to those who take the risk.

Machine-translated from French