Bitcoin ETF · Bitcoin · Wall Street · CryptoSlate
Bitcoin price confronts new risk as big buyers lose conviction
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Bitcoin’s largest buyers are no longer behaving like a reliable backstop for the largest cryptocurrency.
Key facts
- Bitcoin is +0.12% over the past 24 hours and currently sits at rank # 1 by market cap
- After the 2024 halving, miners produce about 450 BTC per day — This is further corroborated by Glassnode data, which shows the 30-day moving average of net ETF flows has fallen to -2,450 BTC per day, the fastest sustained pace of outflows since the products
- As Bitcoin briefly breached the $60,000 floor, large holders, or “whales,” accelerated their movement of assets to trading platforms
Summary
01 US spot Bitcoin ETFs have flipped to a five-week outflow streak, with net selling now exceeding new mined supply. 02 That reversal matters because ETF volume has dropped 78% since October, removing a key source of support for Bitcoin. 03 Treasury-company buying and Bitcoin proxy-stock trading have also cooled, leaving the market exposed until demand or volume returns. The exchange-traded funds, public-company treasuries, and Bitcoin-linked equities that helped define the market’s institutional era are showing signs of strain, as the world’s largest digital asset struggles to hold above $60,000, one of its most closely watched price levels.