Bitcoin Remains Under Pressure — On-Chain Data Reveals Why
Bitcoin faced significant selling pressure, with its price dropping sharply from around $84,000 to $60,000 before a slight recovery to approximately $70,000. On-chain data indicates a "risk-off" environment, driven by substantial outflows from major spot Bitcoin ETFs like BlackRock's IBIT, which saw over $12.4 billion in withdrawals. Additionally, exchange inflows of Bitcoin surged, reaching levels not seen since October, while stablecoins like USDT experienced net outflows. These trends suggest both institutional and retail investors are reducing exposure, reflecting a dominant bearish sentiment despite the price rebound.
bitcoinist02/07 20:32