Bitcoin Slides Below $73K as IBIT Leads $533M ETF Outflow
Bitcoin slid below $73,000 in Thursday Asia trading as derivatives liquidations accelerated the selloff. Spot Bitcoin ETFs saw $733.4M in total net outflows on Wednesday, the largest single-day loss since late January.
BlackRock’s IBIT posted a $527.8M outflow and came close to its all-time record outflow deficit. Grayscale’s GBTC lost $104.8M, while Fidelity’s FBTC recorded a $60.3M outflow. All other listed products were net redemptions, leaving only Morgan Stanley’s MSBT marginally positive (+$4.3M).
Analysts linked the move to profit-taking and macro pressure (rising US Treasury yields and geopolitical risk). They also pointed to a prior $1.29B “dark pool” IBIT block trade as a possible trigger, followed by broader ETF selling and a liquidation cascade.
Traders are now watching the $70,000 support area. With Spot Bitcoin ETFs still bleeding, Presto Research noted Bitcoin has underperformed the S&P 500 and Nasdaq for two weeks. If $70,000 breaks, traders warn of renewed derivative selling and further institutional de-risking—keeping near-term downside risk elevated for Bitcoin.
Bearish
This is bearish for Bitcoin’s price because the latest catalyst is sustained liquidity drain from Spot Bitcoin ETFs, with IBIT leading large redemptions. When ETF outflows intensify, it often pressures spot demand and can amplify risk-off positioning. The article also highlights a technical level ($70,000 support) where a breakdown could trigger additional derivatives selling and liquidation cascades. While the “dark pool” block trade and macro factors provide context for the shock, the tradeable takeaway is the ongoing Spot Bitcoin ETFs net outflow profile—tending to keep buyers sidelined and prolong downside risk in the near term. Longer term, the move may reverse if ETF flows stabilize, but the current setup is still one of de-risking and fragile support.