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A major selloff on Friday caused 
Bitcoin to drop below $70K, despite record ETF inflows during the week.
What's the scoop?
- Majors Hit: After challenging its all-time high, Bitcoin fell to $69K, marking a 2.5% drop over the past 24 hours, while ETH and SOL dropped 4% and 7%, respectively.
- Liquidations Spike: These crashes resulted in $450M in liquidations, the largest since April, data from Coinglass shows.
- Interest Rates and Employment: Bitcoin's decline started after a stronger-than-expected employment report, which dashed hopes for imminent interest rate cuts.
- GameStop Stream Aftermath: Roaring Kitty's underwhelming YouTube livestream was also a potential driver of further drops across meme-driven finance. Memecoins like DOGE, SHIB, and
PEPE also fell by 8%, 10%, and 15%.
Bankless Take:
While strong ETF inflows suggest ongoing institutional interest, macroeconomic factors and market sentiment can quickly turn the tide. Despite significant accumulation, Bitcoin's dip below $70K underscores the market's sensitivity to economic data and the influence of highly anticipated events, which usually mark sell-the-news events, even Keith Gill’s stream. While there is pain in the market today, it’s good to remember that it's still only a 2-3% drop.
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