Bitcoin dropped to an intraday low of $65,700 on Thursday, a 4.5% slide, before clawing back to around $67,100. The move comes as US-listed spot Bitcoin funds bled $519 million in outflows in a single day, extending a streak that now stretches 12 consecutive sessions. Weekly withdrawals hit $1.44 billion, the heaviest total so far in 2026.
Spot Bitcoin ETF outflows hit $1.44B in a week
Thursday's outflow of $519 million was the latest in a two-week drain that has taken the cumulative weekly number to $1.44 billion. That's the biggest weekly drawdown this year. The streak of daily net outflows now sits at 12 days, a sign that institutional appetite has cooled in a hurry. Bitcoin is roughly 47% below its October 2025 peak of $126,000, and the fund flows are reflecting the broader funk.
Leveraged longs bear the brunt of a $1B liquidation event
Over a strike weekend that saw nearly $1 billion in leveraged crypto positions liquidated over 24 hours, long positions accounted for 93% of the damage. That's a brutal reset for traders who bet on a bounce. Meanwhile, Brent crude oil climbed above $106 per barrel in mid-April and hasn't come down far, stoking inflation fears and shrinking the odds that the Federal Reserve will cut rates anytime soon. For risk assets like crypto, that's a headwind that just won't quit.
Traders eye $60,000 as next key support
Technical analysts say Bitcoin has already lost support at $72,000 and $68,000. A close below $65,000 could open the door to the $60,000 level. That round number is the line in the sand traders are watching. If it fails, the next floor is anybody's guess, but the charts offer little comfort above it either. For now, the selling pressure from ETFs, the liquidation hangover, and the macro backdrop are all pulling in the same direction — and it's not the one bulls were hoping for.
