The Bitcoin price has dropped below the critical $77,000 support level, intensifying concerns as US spot Bitcoin ETFs recorded over $1 billion in weekly net outflows for the first time this quarter.
According to on-chain analyst Joao Wedson, the Bitcoin Whale vs Retail Delta metric has plunged to its lowest point since January 2024 — coinciding with the launch of spot ETFs. This divergence suggests that large holders (whales) are offloading risk while retail investors continue buying, believing a bottom has formed near $60,000. Wedson notes that while such behavior previously preceded selling pressure, it is not necessarily an imminent correction signal but rather a "growing state of uncertainty within the Bitcoin market."
Meanwhile, macroeconomic headwinds are adding to the bearish pressure. The latest US inflation data — with PPI surging 6% YoY and CPI at 3.8% — has dampened expectations of Federal Reserve rate cuts, elevating oil prices above $107 per barrel. These factors reduce liquidity and push investors away from risk assets like crypto.
Data from SoSoValue shows that the $1 billion aggregate outflow from Bitcoin ETFs snapped a six-week bullish streak, while Ethereum ETFs lost an additional $255 million. The total crypto market saw over $661 million in liquidations, predominantly from long positions.
On the technical front, Bitcoin’s price slipped as low as $76,500 before stabilizing around $77,000. Despite the sell-off, a golden cross is forming on the daily chart as the 50-day simple moving average approaches the 200-day SMA near $81,400. Immediate support lies in the $75,500–$73,900 zone, which aligns with the 50-day SMA and Supertrend indicator.
At press time, Bitcoin traded at $78,188, down over 3% on the week.
