Bitcoin Faces Deeper Pullback: 55k Call, ETP Flows Turn Negative
Bitcoin briefly broke below $60,000, and analysts say the selloff may not be finished. 10x Research founder Markus Thielen points to a mix of stronger USD, a still-hawkish Fed stance, cooling risk-asset demand, and leveraged positioning not fully unwound—factors that can keep liquidity tight and pressure prices. The next widely watched downside level is around $55,000, which would imply a further ~8% drop from $60,000.
On the funding side, K33 Research reports that Bitcoin ETP rolling 12-month net flows have turned negative for the first time since 2023, signaling that institutional allocation appetite is weakening. K33 notes Bitcoin ETP holdings have fallen about 8% from their peak, reinforcing that the market is in a corrective phase rather than a confirmed bottom.
The article also highlights growing scrutiny of long-term “million-dollar Bitcoin” narratives after the $60,000 breakdown, with trader sentiment shifting toward nearer-term signals such as ETP/ETF inflows, liquidity, and whether price can reclaim $60,000 or find real support near $55,000.
For traders: watch ETP flow data and reaction around $60,000 and $55,000—improving inflows could stabilize the downtrend, while persistent outflows increase the probability of further downside.
Bearish
The article turns bearish because it combines a clear technical trigger (Bitcoin losing $60k) with a deterioration in “real money” positioning (Bitcoin ETP rolling 12-month flows turning negative for the first time since 2023). Historically, when crypto price weakness is accompanied by sustained ETP/ETF outflows, rebounds tend to be weaker and shorter—traders typically wait for flow stabilization before adding risk.
In the short term, the $60,000 level becomes a decision point: failure to reclaim it can keep sellers in control, while $55,000 is framed as the next liquidity/support test. If outflows persist, that level may be probed again, potentially triggering further deleveraging.
In the medium to long term, a confirmed bottom usually requires the flow picture to improve (net inflows returning) and leverage to unwind. Until that happens, analysts’ “not finished” framing suggests a higher probability of consolidation-to-down rather than immediate trend reversal. Similar past episodes—when BTC slid and ETF/ETP demand cooled—often saw volatility remain elevated until a clear re-accumulation signal appeared.