Bitcoin slid below $66,000 in early Wednesday trading, touching $65,372 before bouncing back above $67,000. The 6% one-day decline wiped out the price gains of the last two months, leaving the top crypto 47% below its all-time high from October. The sell-off coincided with a grim milestone for spot Bitcoin ETFs: a record 12 consecutive days of net outflows.
A brutal Wednesday morning
The drop started in early Asian hours and accelerated through the U.S. morning. By midday, Bitcoin was trading at $66,800 — still in the red, but off the worst levels. The move lower wasn't triggered by any single headline; it felt like a slow bleed that turned into a gash. For anyone who bought in April or May, those positions are now underwater.
ETF outflows keep piling up
The spot ETF outflow streak is now the longest on record. For 12 straight trading days, investors have pulled money out of the U.S. funds, adding selling pressure to an already fragile market. The timing isn't great: the outflows started before this latest price drop, suggesting institutional investors were already skittish. The record streak shows no sign of breaking — not yet, anyway.
Bitcoin's 47% hole
From the October peak, Bitcoin is down nearly half. That's a big number, but it's also a reminder of how far the market has fallen from the euphoria of last year. The two-month price range that got erased Wednesday wasn't particularly wide — it was more of a sideways drift — but the speed of the breakdown caught some traders off guard. Leveraged longs got squeezed, and the cascade added to the selling.
What happens now
The next concrete thing to watch is whether the ETF outflow streak breaks tomorrow. Another day of redemptions would set a new record and likely keep the pressure on. On-chain data shows Bitcoin sitting just above key support levels; if those break, the drop could accelerate. For now, the market is holding above $66,000, but nobody's calling a bottom.
