Bitcoin prices suddenly dropped below the $90,000 key level early Thursday, triggering intense volatility in a short period. According to data from multiple derivatives platforms, the long liquidation amount in the past hour has exceeded $100 million, and market sentiment has quickly shifted to caution. As of press time, Bitcoin price has been fluctuating around $90,000, with data showing a total decline of approximately 3% over the past 24 hours.
This decline is highly correlated with the capital flow of Bitcoin investment products. Data from Farside Investors shows that the US spot Bitcoin ETF experienced a net outflow of about $486 million on Wednesday, marking the largest single-day redemption since November 20. The day before, ETF capital flows had turned negative, with a single-day outflow of $243 million, contrasting sharply with Bitcoin’s strong performance earlier in the year.
From the market performance perspective, recent Bitcoin price movements are highly synchronized with ETF capital changes. Although there are still differing opinions on the core drivers behind Bitcoin’s rebound to near $94,000, institutional fund withdrawals in stages have clearly increased short-term selling pressure and amplified liquidation risks in the leverage market.
Some analysts believe that macro-level variables remain worth monitoring. There is an opinion that if the geopolitical situation related to Venezuela changes and drives international oil prices down, it could indirectly reduce inflationary pressures and Bitcoin mining costs, which in the medium to long term could be beneficial for Bitcoin’s fundamentals.
CryptoQuant analyst Cauê Oliveira offers a relatively cautious view from on-chain data. He states that on-chain demand has not yet shown a substantial recovery; activity remains insufficient to support an effective push of Bitcoin price through the $100,000 mark. In the context of complex market sentiment and low trading volume, on-chain transaction demand has not shown significant improvement.
Oliveira added that as holiday effects gradually fade, some investors may return to the market. Whether trading activity and genuine demand will rebound at that time will be key indicators for the future trend of Bitcoin.
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