Bitcoin bleeding billions from ETFs while Mt. Gox and Strategy sell — brace for more downside
Investors have pulled $3.4 billion out of Bitcoin ETFs over 11 straight days — the worst streak ever — while Bitcoin has slipped to around $70,000. At the same time, Mt. Gox just moved $739 million worth of Bitcoin, signaling potential upcoming sell-offs to repay creditors.
Idea
Three red flags are stacking up for Bitcoin at the same time. First, spot Bitcoin ETFs have bled $3.4 billion over 11 consecutive sessions — the longest and largest outflow streak since the funds launched in 2024. Second, the collapsed exchange Mt. Gox just shuffled $739 million of Bitcoin out of cold storage, which historically means creditor repayments and selling pressure are coming within weeks. Third, Strategy (formerly MicroStrategy) disclosed its first-ever Bitcoin sale, removing a key pillar of demand. Meanwhile, investor money is rotating into the red-hot AI stock rally instead. With multiple sellers lining up and buyers stepping away, the path of least resistance for Bitcoin appears to be lower in the near term.