Bitcoin (BTC) Drops to $59,073 as ETF Outflows and Demand Slump
Bitcoin (BTC) sank to $59,073, the lowest since October 2024, and broke below the February low at $60,062. BTC is down about 16% on the week and briefly steadied near $61,000 in Saturday’s Asian session.
Traders tie the selloff to strong US employment data. The market started pricing “higher-for-longer” rates, pushing up US Treasury yields and the US dollar index. That risk-off move pressured equities and Bitcoin (BTC).
A second bearish driver is continued Bitcoin ETF outflows. CryptoQuant data shows demand deterioration at a fresh cycle low: total Bitcoin demand fell by 501,000 BTC, including a 272,000 BTC drop in spot demand over a rolling 30 days and a 229,000 BTC decline in futures-driven demand. Julio Moreno said the contraction resembles the post–Terra/Luna phase and signals a bear-market low.
For traders, the key question is whether Bitcoin demand stabilizes and whether ETF outflows start to slow—both typically influence short-term volatility and the medium-term trend.
Bearish
The news is bearish for BTC because both macro and crypto-native flows point in the same direction. Strong US jobs data triggered a “higher-for-longer” rates repricing, lifting yields and the dollar—historically a risk-off cocktail for Bitcoin. In parallel, sustained Bitcoin ETF outflows and CryptoQuant’s on-chain data show demand collapsing to a new cycle low (spot and futures demand both down sharply). When price breaks key support (below ~$60,062) while demand contracts and ETF flow pressure persists, rallies are more likely to fail in the short term.
In the longer run, the article frames the move as entering a bear-market low similar to the post–Terra/Luna contraction period. That raises the probability of heightened volatility and weaker trend momentum until demand stabilizes and ETF outflows slow. Traders may consider watching for stabilization signals around the $60,000 area, but the baseline expectation remains downside pressure unless demand and ETF flows improve.