Bitcoin bottom in doubt after $61.3k flush and $1.76B liquidations
Bitcoin bottom concerns grew after a sharp selloff. BTC tested an intraday low of $61,349.73, triggering about $1.76B in liquidations, with longs accounting for more than $1.5B. The rebound pushed BTC back toward the mid-$63,000s, while funding rates flipped deeply negative, open interest reset sharply, and the Crypto Fear & Greed Index fell to 12 (extreme fear).
CryptoSlate notes the Bitcoin bottom is not confirmed because demand signals remain weak. Analysts cited by the article argue the liquidation wave likely cleaned out crowded long leverage (Bitget Wallet’s Lacie Zhang), but Nansen’s Nicolai Sondergaard points to continued risk from exchange flows and ETF redemptions: US spot Bitcoin ETFs extended outflows to 13 straight sessions, withdrawing roughly $4.4B total. Meanwhile, BTC and ETH recorded net exchange inflows after the bounce—often read as traders depositing coins to sell or reduce exposure.
Market data support the caution: Glassnode reported a negative 7-day spot volume delta (weakest since February) and spot sellers dominating even as price bounced.
Key levels highlighted: a survival zone in the low-$60,000s; a bear-case retest of $55,000–$57,000 if ETF outflows and exchange inflows persist; and stronger confirmation near the short-term holder cost basis around ~$76,400. Until ETF outflows slow, exchange inflows fade, and spot buyers re-absorb supply, the Bitcoin bottom remains a trade setup rather than a confirmed floor.
Bearish
Although the liquidation flush reduced crowded long leverage (a typical short-term “risk-off” reset), the article stresses that the Bitcoin bottom is not yet confirmed. ETF outflows are still running (13 consecutive sessions, ~ $4.4B withdrawn), which often prevents institutional bid from stabilizing prices. At the same time, post-bounce exchange inflows for BTC and ETH suggest traders may be positioning to sell into the rebound, keeping supply pressure alive.
Historically, large liquidation events can produce a sharp snapback, but follow-through usually requires evidence that voluntary sellers are finished and new spot demand replaces them. Here, funding/open interest reset helps the immediate unwind, yet Glassnode’s weak spot volume delta and persistent ETF redemptions point to incomplete demand recovery.
Short-term, this setup raises the probability of chop or a retest of lower support ($55k–$57k cited). Long-term, the bearish risk eases only if ETF flows stabilize and whales/spot buyers step in to absorb supply; otherwise, each rebound can become exit liquidity. Net: bearish bias until ETF and exchange-flow signals improve.