TL;DR
- Bitcoin recovered above $76,000 after briefly falling below the level during Thursday’s technology-led selloff, while CoinMarketCap showed BTC near $76,083 at drafting time.
- U.S. spot Bitcoin ETFs recorded $430.2 million in net outflows Thursday, led by Fidelity’s FBTC and BlackRock’s IBIT, reversing Wednesday’s inflows.
- More than $1.26 billion in leveraged crypto positions were liquidated, mostly longs, as collapsing technology stocks weakened broader risk appetite during a broad risk-off market session.
Bitcoin recovered above $76,000 on Friday after dropping below the level during Thursday’s technology-led selloff, with CoinMarketCap showing BTC near $76,083 at drafting time. The asset remained down about 5.3% over 24 hours after trading between roughly $75,114 and $80,448. Bitcoin has reclaimed the $76,000 area, but the rebound follows a sharp risk-off move rather than a confirmed recovery, keeping attention on Bitcoin after another volatile session.
ETF Outflows Add Pressure After Tech-Led Selloff
U.S.-listed spot Bitcoin ETFs recorded $430.2 million in net outflows on Thursday, reversing Wednesday’s $74.6 million inflow. Fidelity’s FBTC led withdrawals with $199.9 million, followed by BlackRock’s IBIT with $105 million. Net redemptions for the week through Thursday reached $869.8 million. The renewed ETF withdrawals weakened an institutional demand signal just one session after inflows briefly returned, extending the recent Bitcoin ETF outflow trend that has accompanied unstable spot demand.
The decline coincided with a broad technology-stock rout. The Nasdaq fell 5.5% on Thursday, while the S&P 500 dropped 4.3%, reducing appetite for risk assets across markets. Bitcoin’s post-election rebound was erased during the session as investors cut exposure. The simultaneous decline in technology equities and crypto points to a broader risk-off environment rather than an isolated Bitcoin-specific catalyst, adding context to the earlier post-election Bitcoin rebound before Thursday’s reversal.
Leverage amplified the move. More than $1.26 billion in leveraged crypto positions were liquidated over 24 hours, including about $1.12 billion in long positions. The forced selling added pressure as prices moved lower, while futures positioning had already shown signs that Wednesday’s rebound lacked strong new conviction. The liquidation imbalance shows that bullish leverage was heavily exposed when the market reversed, reinforcing concerns raised by Bitfinex’s recent Bitcoin recovery analysis around fragile support and uneven demand.
The earlier rebound had also shown softer U.S. spot demand, with Bitcoin trading at a discount on Coinbase relative to Binance and futures open interest remaining broadly flat. Those signals suggest the return above $76,000 should be read cautiously rather than as a confirmed trend change. Holding the $76,000 region will matter more if ETF flows stabilize and spot buying strengthens, while continued redemptions could keep pressure on the recovery after Wednesday’s temporary return of ETF inflows failed to prevent another selloff during the next several U.S. trading sessions.
