Bitcoin (BTC) drop comot go $59,073 as ETF dem money comot and demand don low
Bitcoin (BTC) don drop reach $59,073, di lowest since October 2024, come break under February low wey be $60,062. BTC don loss about 16% for the week and e briefly steady near $61,000 for Saturday Asian session. Traders dey link the selloff to strong US employment data. Market don begin price "higher-for-longer" rates, wey push up US Treasury yields and the US dollar index. That risk-off move put pressure for equities and Bitcoin. Another bearish driver na continuing Bitcoin ETF outflows. CryptoQuant data show say demand don deteriorate to fresh cycle low: total Bitcoin demand drop by 501,000 BTC, including 272,000 BTC fall in spot demand over rolling 30 days and 229,000 BTC decline for futures-driven demand. Julio Moreno talk say the contraction resemble post–Terra/Luna phase and mean say na bear-market low be this. For traders, the key question na whether Bitcoin demand go stabilize and whether ETF outflows go start to slow—both normally dey affect short-term volatility and medium-term trend.
Bearish
Di news bad for BTC because both macro and crypto‑native flows dey point inside same direction. Strong US jobs data trigger repricing wey say rates go remain “higher‑for‑longer”, e lift yields and dollar—historically na risk‑off cocktail for Bitcoin. For the same time, steady Bitcoin ETF outflows and CryptoQuant on‑chain data show demand dey collapse to new cycle low (both spot and futures demand don fall sharp). When price break key support (below ~ $60,062) as demand dey shrink and ETF flow pressure still dey, rallies fit fail for short term.
For longer run, the article frame the move as entering bear‑market low similar to the post‑Terra/Luna contraction period. That one raise probability of higher volatility and weaker trend momentum until demand stabilize and ETF outflows slow. Traders fit watch for stabilization signals around the $60,000 area, but baseline expectation remain downside pressure unless demand and ETF flows improve.