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Bitcoin holders have been offloading their spot Bitcoin ETF shares as the asset dipped to $92,500 and remains below $95,000.
Markets News
Bitcoin investors pulled nearly $570 million from United States-listed spot Bitcoin exchange-traded funds (ETFs) as the asset fell below the psychological $100,000 price level on Jan. 8 — leading to a surge in liquidations.
On Jan. 8, spot Bitcoin (BTC) ETFs clocked $569.08 million in outflows, the second highest daily net outflow since launch, and just $100 million shy of outflows on Dec. 19, which came in at $671.9 million, per Farside data.
The Fidelity Wise Origin Bitcoin Fund (FBTC) accounted for roughly 45% of the day’s net outflow at $258.7 million, its highest-ever single-day outflow.
Markets still in “greed” despite a large amount of liquidations
Meanwhile, over the past 24 hours, around $521.02 million was liquidated from the crypto market, according to CoinGlass data.
A total of $521.02 million was liquidated from the crypto market. Source: CoinGlass
This came as Bitcoin’s price briefly fell to $92,500, mainly triggered by growing concerns over the US Federal Reserve’s tightening monetary policy for 2025, according to Ryan Lee, chief analyst at Bitget Research.
“Bitcoin’s dip stems primarily from strong US economic data pointing toward potential interest rate hikes,” Lee said.
At the time of publication, Bitcoin is trading at $94,401, according to CoinMarketCap data.
However, the overall market sentiment has not plummeted too significantly, according to the Crypto Fear & Greed Index.
The index, which measures market sentiment for Bitcoin and other cryptocurrencies, currently shows a “Greed” score of 69, down nine points from the “Extreme Greed” score of 78 recorded 30 days ago.
Bitcoin has had an “undecisive start” to 2025
Some traders believe it’s still too soon to draw conclusions from Bitcoin’s price volatility at this early stage.
In a Jan. 9 X post, Daan Crypto Trades said, “This doesn’t say much yet, especially seeing December broke the trend and the start of the year is generally very choppy.”
Related: Bitcoin gurus see these BTC price levels hitting next as $100K holds
Daan said that while Bitcoin hit a “local top” earlier this month, retesting $102,500, it set a new monthly low on Jan. 8 after pulling back to $92,500.
“Pretty undecisive start of the year so far,” he said.
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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article first appeared at Cointelegraph.com News
