Bitcoin dropped from $62,916 to $60,771, a decline of $2,145 or approximately 3.4% in 24 hours, touching its lowest price in 21 months.Not noise. Rolling one-year ETP flows turned negative for the first time since 2023, and price broke to the floor of its 30-day range at the same moment the debasement macro thesis is being repriced by rate-hike expectations. Near-term risk is elevated on multiple concurrent vectors.
Bitcoin ETP holdings are down 8% from peak and rolling one-year net flows are now negative for the first time since 2023, according to K33, marking a structural shift in institutional demand rather than a transient outflow.
An estimated 20% of Bitcoin miners are now operating below production costs, with revenue falling below breakeven at current prices, raising the prospect of capitulatory miner selling or hashrate contraction.
The debasement trade is actively unwinding: gold, silver, and Bitcoin all fell together as markets price in Fed rate hikes under new chair Kevin Warsh, removing a core macro rationale for hard-asset exposure.
Strategy's cash reserve coverage has fallen from seven years to 14 months of dividend obligations, with CryptoQuant calling for a pause in Bitcoin purchases, which would remove a consistent marginal buyer from the market.
Long-term Bitcoin holder selling dropped to its lowest level in nearly two years during this drawdown, a historically constructive supply signal that has preceded trend reversals in prior cycles.
Market Snapshot
Market Cap
$1.22T
24h Volume
$43.18B
Dominance
55.9%
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