Bitcoin getting hammered from every direction — fade the next bounce as selling pressure mounts
Bitcoin is getting hit from all sides: a record $3.4 billion has been pulled from Bitcoin ETFs over 11 straight days of selling, the collapsed exchange Mt. Gox just moved $739 million worth of Bitcoin (signaling creditors may soon dump coins), and major holder Strategy disclosed its first-ever Bitcoin sale. The price has slipped below $71,000.
Idea
Bitcoin is facing a rare triple threat of selling pressure. ETF investors are fleeing at a record pace — 11 straight days of outflows totaling $3.4 billion is the worst streak since the funds launched. Meanwhile, Mt. Gox moving $739 million from cold storage typically signals creditor distributions are coming, which means more coins hitting the market. On top of that, Strategy — one of Bitcoin's biggest corporate holders — just disclosed its first-ever Bitcoin sale, spooking the market. With investor money rotating into the surging AI stock rally instead, short-term bounces in Bitcoin are likely to be sold into quickly.