Bitcoin ETFs Bleed for 3rd Straight Day as BTC Crumbles Below $120K—Is This the Dip or the Abyss?
Another brutal day for crypto bulls as Bitcoin ETFs extend their losing streak—dragging BTC below the critical $120,000 psychological threshold. Traders scramble while Wall Street shrugs. Here’s the damage.
The ETF effect: More anchor than lifeline?
Institutional darling Bitcoin ETFs now weigh heavier than a Ledger full of forgotten seed phrases. Three days of relentless selling pressure have turned these 'safe' vehicles into momentum killers.
Technical breakdown or market manipulation?
With BTC failing to hold $120k, chartists spot bear flags while conspiracy theorists whisper about whale games. Meanwhile, futures open interest spikes—someone’s making big bets against the rally.
Silver lining for degenerates?
Retail OI ratios suggest panic selling hasn’t peaked yet. For contrarians, this smells like prime accumulation territory—if you believe the 'number go up' thesis survived the latest Fed meeting.
As always in crypto markets: the bigger the correction, the louder the 'this is healthy' chorus from bagholders. Traders with PTSD from 2022’s carnage aren’t buying it—literally.
BTC hovers under all-time high, can momentum return?
Bitcoin (BTC) is trading around $117,745 at press time, about 4.3% below its record high of $123,000. After a sharp run-up, the price has mostly moved sideways this past week. The stalled price action has raised questions about whether the recent rally is losing steam.
But most analysts aren’t calling a top just yet. According to Rekt Capital, the crypto king’s current state looks more like a healthy breather than a full reversal.
“Bitcoin will retrace DEEP enough to convince you that the Bull Market is over. And then it will resume its uptrend,” said the analyst.
He explained that currently, BTC is retesting the previously broken Lower High resistance and the Range Low as support, a critical zone that could define the next move.
If these levels hold, it WOULD confirm strength and likely pave the way for a continuation of the uptrend. Despite the weakness across the board, Rekt Capital emphasized that the current market structure remains bullish and that sentiment may be stronger than it looks.
Meanwhile, ethereum ETFs are holding strong even as the Bitcoin-tied funds come under pressure.
ETH ETFs extend winning streak
On the same day, ETH-tied ETFs logged $331 million in inflows, marking their 15th consecutive day of gains. Led by BlackRock’s ETHA, the funds have rebounded after months of underperformance, benefiting from Ethereum’s recent price surge to multi-month highs.
Collectively, the spot Ether ETFs have logged over $4.44 billion since commencing their uptrend in the past week, marking their highest ever seen.
But Ethereum (ETH) is also starting to show signs of fatigue. At press time, ETH trades just above $3,540, down about 4.2% on the day, and 8% from its highest point this week.
