- According to data source SoSoValue, investors pulled $3.45 billion over 11 trading sessions as bitcoin plummeted under $70,000 from US spot bitcoin ETFs.
- This shift occurs at the same time when other indicators of institutional demand are showing signs of weakness.
After Monday’s admission of a minor BTC sale by Strategy (MSTR), the crypto markets continued to hemorrhage downward, with bitcoin (BTC) leading the pack.
Bitcoin was trading around $69,000 an hour before U.S. stock markets opened on Tuesday morning, reflecting a 4.5% decline over the previous 24 hours. Although the $60,000 low on February 6 was brief, there was a wick to the downside. The $63,000 level is likely to be the point at which markets begin to contemplate a “re-test” of the bottom.
Longest Redemption Streak
According to data source SoSoValue, investors pulled $3.45 billion over 11 trading sessions as bitcoin plummeted under $70,000 from US spot bitcoin ETFs, the longest withdrawal run on record. The record-breaking 11-session streak started on May 15, exceeding the eight-day record established in February 2025 and making it the longest stretch of net redemptions since the funds’ introduction in January 2024.
Stocks related to semiconductors and artificial intelligence continue to pique investors’ curiosity, and Wall Street’s penchant for risk is evident with Nvidia’s 6% gain. In the most recent session, investors pulled $484 million out of the funds, contributing to a 4% decline in the price of Bitcoin throughout the Asian trading day.
Although the transaction only accounted for a small portion of Strategy’s holdings, it was the first time the business had sold bitcoin since December 2022 and after months of buy-and-hold advocacy by Executive Chairman Michael Saylor.
This shift occurs at the same time when other indicators of institutional demand are showing signs of weakness. A growing number of people are opting to store bitcoin rather than purchase it, according to CryptoQuant’s most recent weekly analysis.
A further indicator that one of the main demand drivers supporting bitcoin’s surge may be dwindling is the present record ETF withdrawal streak, as pointed out by CryptoQuant, which follows a significant slowdown in ETF and corporate treasury accumulation in recent months.
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