Bitcoin dropped below the $90,000 mark for the first time since November 2024, raising concerns among analysts about further declines amid ongoing sell-offs in US spot Bitcoin exchange-traded funds (ETFs)
Bitcoin (BTC) fell to $87,629 on Feb. 25, an over three-month low not seen since Nov. 14, Cointelegraph Markets Pro data shows.
BTC/USD, 1-year chart. Source: Cointelegraph
The decline followed another wave of selling in US Bitcoin ETFs, which recorded more than $516 million in net outflows on Feb. 24 alone. The ETFs have now experienced six consecutive days of selling, according to data from Farside Investors.
Bitcoin’s price has fallen by over 6.2% in the six days since the ETFs began their six-day selling spree on Feb. 18.
Bitcoin ETF flows. Source: Farside Investors
The Bitcoin ETFs recorded over $1.14 billion worth of cumulative net outflows in the two weeks leading up to Feb. 21, marking the highest two-week period of withdrawals since they began trading on Jan. 11, 2024.
The continued ETF sell-off may be primarily attributed to the ongoing trade tensions between the US and China.
US President Donald Trump said he expects Chinese President Xi Jinping to visit the US and added that “it’s possible” for the US and China to broker a new trade deal, but gave no timeline for the potential visit, Reuters reported on Feb. 20.
Related: Strategy buys 20,356 Bitcoin for almost $2B; holdings approach 500K BTC
Bitcoin declines amid $1.3 billion crypto liquidations
Beyond geopolitical events, crypto investor sentiment has taken a hit from internal factors after the industry was rocked by the largest hack in crypto history on Feb. 21, when Bybit lost over $1.4 billion.
The market volatility that followed has led to $1.3 billion in total crypto liquidations over the past 24 hours, affecting 362,000 traders, according to CoinGlass. Bitcoin alone accounted for $523 million in liquidations.
Crypto liquidation heatmap, 24-hours. Source: CoinGlass
Related: US Bitcoin ETFs lose $1.14B in two weeks amid US-China trade tensions
While Bitcoin’s decline caused concern among some investors, similar corrections have been part of the…
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