Bitcoin remains subdued as ETF outflows persist and fear sentiment weighs on momentum.
Notable Statistics:
- Coinglass data shows 95,957 traders were liquidated in the past 24 hours for $202.18 million.
- SoSoValue data shows net outflows of $133.3 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $41.8 million.
- In the past 24 hours, top gainers include Injective, Kite and UNUS SED LEO.
Notable Developments:
Trader Notes: Network economist Timothy Peterson noted Bitcoin is on the verge of posting five consecutive negative monthly closes, a pattern seen only three times before. Once during the 2011 bear market and twice during the 2018 bear market (one stretch lasting six months).
In all previous cases, those extended drawdowns marked major cyclical bottoms. Bitcoin subsequently rallied more than 100% within five months each time.
Trader Crypto Batman added that the current five-month red streak is the second-longest on record. The only longer stretch occurred in 2018, when BTC logged six straight red monthly closes before bottoming near $3,400 and rallying toward $12,000.
Historically, such prolonged weakness has preceded major reversals rather than extended collapses.
Trader Crypto Tony pointed out a significant liquidity cluster sitting above the current price. His projected scenario is a short-term push higher to sweep upside liquidity, followed by a move lower afterward. This type of liquidity grab is common in range-bound conditions, especially when broader momentum remains weak.
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