Bitcoin fell for a fifth consecutive day on Thursday, dropping to as low as $61,322 before trimming some of the loss, as a heavy wave of liquidations, record ETF withdrawals and a rare token sale by Strategy Inc. hurt confidence across the crypto market. The decline pushed Bitcoin to a four-month low and brought it close to the roughly $60,000 area that had marked a market bottom in early February.
The selloff has been sharp enough to wipe out nearly $4 billion in bullish bets since the start of the week, according to CoinGlass data. Traders who were positioned for further gains have been caught on the wrong side of the move, deepening losses as Bitcoin extended its longest losing streak since August. Although Bitcoin previously endured a six-day run of daily declines ending on Aug. 2 last year, this week’s drop has been steeper and more damaging.
Investor sentiment has also been hit by mounting outflows from US-listed Bitcoin exchange-traded funds. These funds were a major driver of demand after launching in early 2024, but Bloomberg data shows they have now seen nearly $4.4 billion withdrawn over the past 13 sessions, marking a record-long streak of outflows. That reversal has removed a key source of support for the market at a time when other pressures are intensifying.
The downturn has not been limited to Bitcoin. Ether, the second-largest cryptocurrency, fell to its lowest level since April 2025 and was trading around $1,780 on Thursday morning, underscoring a broader weakening across digital assets. The market pullback comes after a week in which Strategy, the world’s dominant corporate Bitcoin buyer and long-time supporter of the token, sold 32 Bitcoin for the first time since 2022. While the amount sold was tiny relative to its $53 billion reserve, the symbolic impact was significant, especially given the fragile market backdrop.
Standard Chartered’s head of digital asset research, Geoffrey Kendrick, said the week had been “painful” for crypto, highlighting the strain caused by the combination of liquidations, ETF redemptions and a shift in sentiment. He said the most important question now is what Strategy does next, since the company typically announces Bitcoin purchases on Mondays. Kendrick suggested that if Strategy resumes buying after its sale, the follow-up could be far larger than the amount it sold, helping restore confidence.
Bitcoin’s weakness has also reinforced its recent divergence from technology stocks. While major tech shares have continued to hit record highs, Bitcoin has lost roughly half its value since peaking above $126,000 last October. That disconnect reflects a changing market landscape in which artificial-intelligence stocks, short-dated options trading, prediction markets and other crypto products such as stablecoins and perpetual futures are drawing attention that once flowed more heavily toward Bitcoin.
Stephane Ouellette, chief executive officer and co-founder of FRNT Financial, said some investors may be selling Bitcoin to raise cash for other opportunities, including possible private-market deals and future IPOs such as SpaceX. The combination of forced liquidations, ETF outflows, weaker appetite for risk and Strategy’s unexpected sale has left Bitcoin vulnerable as traders watch whether the market can stabilize near current levels or face another test of support.
