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Crypto markets extended losses amid heavy derivatives liquidations and macro headwinds, with traders bracing for further downside if bitcoin breaks key support.
The ‘Big Short’ investor compared the current slide with a one-time past cycle breakdown that saw BTC lose nearly half its value before stabilizing.
"Extreme fear" grips crypto and metals while U.S. equities show resilience ahead of key earnings.
Bitcoin is now approximately 20% below its estimated average production cost, historically a feature of a bear market.
Stifel analysts predict bitcoin could fall to $38,000 using an analogy of the movie "The Curious Case of Benjamin Button" to explain the bearish forecast.
Analysts see routine treasury management as Bhutan moves Bitcoin to a market maker while the crypto trades 44% below its all-time high.
Bitcoin ETFs saw $545 million in daily outflows as BTC neared $70,000, though analysts said most investors were holding positions despite market weakness.
US spot bitcoin ETFs posted $544.94 million in outflows Wednesday as the world's largest cryptocurrency continued to slide.
Analysts say the move looks driven more by short covering than fresh buying, with spot demand soft and stablecoin balances on exchanges drifting lower.
Bitcoin selling pressure sparked a retreat below the 2021 bull market high, with lower BTC price targets still expected to be hit.
TRX has outperformed much of the crypto market this year, slipping only about 1.3% versus bitcoin's nearly 19% decline.
Bitcoin ETFs may be sitting on their “biggest losses” since launching in January 2024, but there is a silver lining, according to an ETF analyst.
