Bitcoin faces a triple whammy — record ETF outflows, Mt. Gox selling, and a corporate whale unloading — bet on further downside
Bitcoin is getting hit from every direction: investors have pulled $3.4 billion from Bitcoin ETFs in the longest redemption streak ever, a long-defunct exchange just moved $739 million of Bitcoin (signaling upcoming selling), and a major corporate holder disclosed its first-ever Bitcoin sale.
Idea
Three red flags are piling up for Bitcoin at the same time. First, the spot Bitcoin ETFs just suffered their worst selloff ever — $3.4 billion pulled out over 11 straight days — which means the big money is heading for the exits. Second, Mt. Gox, the exchange that collapsed in 2014, just moved $739 million worth of Bitcoin for the first time since March, which almost always means they're about to distribute coins to creditors who tend to sell. Third, Strategy (formerly MicroStrategy), the most famous corporate Bitcoin buyer, disclosed its first-ever Bitcoin sale — a sign even the biggest believers are trimming. On top of all that, investors are actively rotating money out of crypto and into AI-related stocks, which are hitting record highs. When supply is about to hit the market and demand is already fading, the path of least resistance is down.