Bitcoin fell below $ 90,000, putting an obstacle to its ascent to a new ATH. This brutal correction is explained by a conjunction of factors: massive liquidations, releases of Bitcoin ETF and a tense economic climate between the United States and China. Why such a shock on the crypto market? Analysis of a withdrawal which recalls certain black episodes of the past.
ETFs sell en masse: the price of bitcoin in free fall
Bitcoin touched a lower $ 87,629 on February 25, Its lowest level since November 2024. The main reason? A real Bitcoin ETF collapse Americans. In Six consecutive days of sales, These funds recorded more than $ 516 million in outings in a single day, bringing the total withdrawals to $ 1.14 billion in two weeks.
Is such a disenchantment of investors the sign of a breathlessness of the BTC?
The answer may be to be found on the side of Trade tensions between Washington and Beijing. Donald Trump announced Xi Jinping's possible visit, leaving the idea of a new trade agreement. In the meantime, the crypto market is under pressure from macroeconomic uncertainties.
In addition, the High interest rate And a drop in global purchasing power weaken incoming capital on Bitcoin. As Iliya Kalchev, analyst in Nexo points out:
“” The global economic factors exert a considerable influence on the crypto market, making bitcoin vulnerable to external pressures. »»
So, simple market breathing or prelude to a deeper correction?
Record liquidations: The Crypto Tangue market
If Bitcoin coughs, the whole crypto sphere is enclosed. In just 24 hours, $ 1.3 billion in liquidations swept 362,000 traders. The BTC was the most affected, with $ 523 million liquidated. A figure that resonates with another striking event: the Historical Hack by Bybitwhich cost $ 1.4 billion to the platform.
Massive liquidations have a snowball effect: over -indebted traders are forced to sell their positions, amplifying the descent of the BTC and Altcoins.
Moreover, this scheme strangely recalls that of 2017, as Raoul Pal notes:
“” In 2017, we experienced five corrections of more than 28 %, each for two to three months, before reaching new heights. »»
Some figures To better grasp the extent of the phenomenon:
- $ 1.3 billion in liquidation in 24 hours;
- 523 million just for Bitcoin;
- 362,000 traders impacted.
Could the trend worsen? Arthur Hayes warns that some hedge funds will continue to sell their ETF shares to buy back contracts on Bitcoin. A BTC at $ 70,000 in the near future?
Yes, it is not only Bitcoin that suffers, the whole Crypto market is in crisis. A feeling of panic and distrust recalls the dark hours of the sinking of FTX and Bybit. Does the worst crypto winter in history are looming again?
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