Bitcoin faces deeper decline as miners and US spot ETFs increase selling; $64k and mid-$50k cited as downside targets

Bitcoin (BTC) has plunged ~22.5% over the past week to about $69,000, erasing roughly 15 months of gains. Veteran trader Peter Brandt warns the downtrend may continue, pointing to a pattern of daily lower highs and lower lows that he interprets as organized, institutional-scale distribution rather than retail panic. Brandt’s technical bear-flag target sits near $63,800 (~10% below current levels). On-chain metrics back increased selling pressure: miners’ net position change turned persistently negative in January, U.S. spot BTC ETFs trimmed holdings from 1.29M BTC at the start of the year to ~1.27M BTC year-to-date, and the Coinbase premium has fallen to yearly lows — all signs of weakening institutional demand. On-chain analyst GugaOnChain and BTC DCA Signal Cycle data point to a potential accumulation/bottom zone around $54,600–$55,000, which matches historical bottom signals from the DCA metric. Additional analysis suggests a longer accumulation window may not arrive until after July 2026 due to historical lags tied to credit spreads. For traders, the immediate implication is elevated short-term downside risk (roughly 10% to Brandt’s target and deeper to the mid-$50k band). Key market drivers to monitor are miner distribution, ETF flows, and the Coinbase premium; these will affect available supply and directional momentum. Not financial advice.