Bitcoin dropped to $61 000, while Ethereum slid below $1 750, and liquidations exceeded $1.6 billion across multiple exchanges in a single day.

Market pressure and key events

Price action reflected a mix of large outflows, strategic sales and clustered transfers, which together intensified selling pressure across spot and derivatives markets.

• Record outflows from ETFs reduced buyer depth and increased downside pressure on major spot markets.
• The first multi-year sale of Bitcoin by Strategy contributed direct supply into thin order books.
• Substantial transfers linked to Mt. Gox moved significant balances, prompting short-term market reactions.
• On-chain indicators signalled demand contraction to levels comparable with the Terra crash period.
• Widespread capitulation among short-term holders amplified forced liquidations and volatility across exchanges.

Analyst perspectives

Some analysts identify the $60 000 area as a structural support zone that could host a local market bottom in the near term.

Other commentators warn of further downside, seeing potential extension of losses toward $50 000 and below if selling momentum persists.

Sources and synthesis

This article aggregates commentary and data from CryptoQuant, Glassnode, Santiment, Material Indicators, PlanB, CoinBureau and additional market observers to outline prevailing risks and scenarios.

What to watch next

Key metrics to monitor include net ETF flows, large on-chain transfers, derivatives funding rates and the pace of short-term holder capitulation over coming sessions.