Bitcoin hits ‘fire-sale’ value as capital flows capitulate: Bitwise
Bitcoin flashed a major discount signal after capital outflows increased following BTC’s abrupt drop below $75,000. Historical data now points to a potential 10% rebound rally in the short-term.
Bitcoin (BTC) price fell to a year-to-date low of $74,555 on Monday, marking a 40% drawdown from its all-time high. The move coincided with $1.3 billion in net outflows from the global Bitcoin exchange-traded products (ETPs) last week.
This drawdown coincided with extreme bearish sentiment and low valuation metrics, but the silver lining could be analysts’ view that a potential asymmetric trade setup is in the works.
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