Bitcoin
Bitcoin drops below $84,000 amid heavy liquidations and exchange transfers
A wave of leveraged short bets, spot ETF outflows, and government wallet activity halted Bitcoin's recent upward momentum.
Bitcoin retreated below the $84,000 threshold after hitting a resistance band between $87,000 and $91,000, reversing its recent month-long uptrend.
The decline began after four newly established wallets deposited 1 million USDC into Hyperliquid to initiate 40x leveraged short positions across 148.49 BTC, valued at $12.5 million. Market activity was further pressured by on-chain transfers from the US government, which moved 834 BTC worth $71.56 million into Coinbase Prime alongside 40,285 BNB valued at $31.63 million, raising concerns over potential selling.
Institutional flows and derivatives liquidations exacerbated the pullback. Spot Bitcoin ETFs recorded net outflows of 1,059 BTC ($91.72 million), led by a 994 BTC redemption from ARK 21Shares, though weekly net flows remained positive at around $93 million. Over the previous 24 days, more than $358 million in long positions were liquidated, accounting for 84% of total long wipeouts and accelerating the downward move.
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