The crypto market saw almost $1 billion in liquidations over the past day as Bitcoin dipped under $73,000, with U.S. investors continuing to withdraw capital from spot Bitcoin ETFs amid escalating geopolitical tensions.
What’s driving the downturn“Partly this is due to ETF outflows, with serious amounts getting out; those hint at real directional recalibration rather than simple profit-taking or maybe adjusting hedged exposure,” Justin d'Anethan, head of research at crypto private markets advisory firm Arctic Digital, told Decrypt.
“The Iran news compressed price into a structure that has been weakening for two weeks,” Adam Haeems, head of asset management at Tesseract Group, told Decrypt. “ETF outflows are still net negative, the Coinbase Premium Index has stayed negative through both the rally and the pullback, and order-book depth on Coinbase sits in the low tens of millions within two percent of mid. When the book is that thin, every macro headline moves price further than the underlying flow would justify, without changing the regime.”
