Bitcoin ETFs Sell $500M During BTC Implosion To $67,000: How Low Can Crypto Go?
Bitwise Hyperliquid ETF Common Shares of Beneficial Interest BHYP | 0.00 | |
Grayscale Bitcoin Mini Trust ETF BTC | 0.00 | |
Fidelity Wise Origin Bitcoin Fund FBTC | 0.00 | |
Shares Bitcoin Trust IBIT | 0.00 | |
Morgan Stanley Bitcoin Trust ETF MSBT | 0.00 |
U.S. spot Bitcoin (CRYPTO: BTC) ETFs shed $519 million on Tuesday while altcoin ETFs stayed green across the board as Bitcoin crashed to $66,000 overnight.
BlackRock Alone Sold $440M As Five-Week Outflow Total Hits $5B
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) sold 5,800 Bitcoin worth $440.29 million on Tuesday, accounting for the bulk of the day’s total outflow.
Fidelity‘s (NASDAQ:FBTC) sold 674 Bitcoin for $45.14 million and Grayscale‘s (NASDAQ:BTC) sold 1,250 Bitcoin for $83.51 million. Morgan Stanley‘s (NASDAQ:MSBT) was the only buyer, picking up 220 Bitcoin worth $14.77 million against the tide.
The broader picture is worse. Bitcoin ETFs have shed $5 billion over the past four weeks while Ethereum (CRYPTO: ETH) ETFs recorded $911.75 million in outflows over five weeks.
Tuesday’s selling alone represented 17 days worth of mined Bitcoin supply exiting through U.S. spot ETFs in a single session.
Ethereum ETFs lost an additional $90.15 million, with BlackRock selling 23,765 ETH for $45.25 million and Grayscale selling 15,370 ETH for $29.28 million.
HYPE, SOL, DOGE ETFs All Posted Inflows
Against the Bitcoin exodus, altcoin ETFs held their ground. Hyperliquid ETFs, such as (NASDAQ:BHYP) attracted $3.15 million, Solana (CRYPTO: SOL) ETFs added $6.50 million, and Dogecoin (CRYPTO: DOGE) ETFs pulled in $662,000.
Meanwhile, XRP (CRYPTO: XRP), Chainlink (CRYPTO: LINK), Litecoin (CRYPTO: LTC), Polkadot (CRYPTO: DOT), Hedera (CRYPTO: HBAR), and Avalanche (CRYPTO: AVAX) all posted zero flows on the day.
Total U.S. spot crypto ETF outflows across all assets reached $599 million on Tuesday, with Bitcoin and Ethereum accounting for virtually all the selling while newer altcoin products absorbed fresh capital.
Bitcoin crashed through the 0.382 Fibonacci level at $71,898 overnight before finding a floor at the $65,000 demand zone, the same level that acted as support during February’s recovery.
The bounce to $67,148 is encouraging but the structure remains firmly bearish with all EMAs stacked overhead between $74,041 and $80,674.
Peter Schiff warned the bounce means nothing without reclaiming $71,898 and predicted far deeper pain ahead.
“When Bitcoin breaks $50K, it should be a quick fall below $20K, which should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel,” he posted on X.
A failed hold at $65,000 opens a move toward $62,000 then $60,000, while reclaiming $71,898 on strong volume targets $75,574.
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