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Bitcoin extended its losing streak into a fourth straight session on Wednesday, falling 3.6% to $88,706.9 and briefly touching $86,000, its lowest level in three months. The cryptocurrency market remains under pressure due to:
- U.S. trade tariff concerns, sparked by former President Donald Trump’s tariff threats on Canada, Mexico, and now copper imports.
- A broader risk-off sentiment, with Wall Street also facing selling pressure amid economic slowdown fears.
- A $1.5 billion hack of ByBit, which weakened overall crypto confidence.
Even MicroStrategy’s (NASDAQ:MSTR) $2 billion Bitcoin purchase failed to lift sentiment, highlighting the market’s current fragility.
ETF Outflows Add to Selling Pressure
- Bitcoin ETFs saw record outflows of $1.01 billion on Tuesday, their biggest single-day withdrawal since March 2024.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw $344.7 million in outflows, while BlackRock’s iShares Bitcoin Trust ETF (IBIT) lost $164.4 million.
- These outflows indicate profit-taking by institutional investors, reversing gains made since Trump’s election victory in November.
Altcoins Show Signs of Stability
Despite Bitcoin’s weakness, altcoins and memecoins showed slight recoveries:
- Ether (ETH) rose 0.5% to $2,492.69.
- XRP climbed 1.9% to $2.2923.
- Solana, Cardano, and Polygon gained between 2% and 5%.
- Among memecoins, Dogecoin (DOGE) rose 0.9%, while $TRUMP fell 0.5%, hitting record lows.
Market Outlook
With Bitcoin ETFs seeing heavy outflows and macroeconomic concerns weighing on sentiment, further downside remains a risk. However, altcoins stabilizing suggests some resilience in the broader crypto market.
