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$BTC Panic Mode: $10B BlackRock ETF Shock, Whales Selling, No Dip Buyers
BTC briefly dropped below $60K, triggering panic selling and liquidations, before reclaming fast and now trading around the $69K area. The speed of the bounce shows buyers are still active, but the structure underneath still looks weak.
During the selloff, BlackRock’s IBIT ETF saw around $10B in trading volume, while nearly $450M exited U.S.-based crypto funds in a single day. At the same time, data shows large holders have turned net sellers, after accumulating earlier this year. More imporantly, small and mid-size buyers were mostly absent during the dip.
This wasn’t BlackRock dumping BTC. The pressure came from ETF flow volatility and thin liqidity, which can exaggerate price moves in both directions. When bids are light, price falls fast. When shorts get crowded, rebounds can be sharp.
Technically, BTC lost a long-standing support level, even though price managed a quick reclaim. That makes the current move look more like a relief bounce, not a confirmed reversal yet. Because of this, $50K remains the next major downside level traders are watching if momentum fades again.
Talk of $10K BTC is tied to extreme macro stress scenarios and should be treated as a worst-case outcome, not a near-term expectation.
👉 Bottom line:
The fast reclaim toward ~$69K reduced immediate panic, but the market still feels fragile. Whales selling, ETF outflows, and weak dip demand mean BTC needs follow-through buying to rebuild confidence. Without that, volatility stays high and downside tests stay on the table.
$BNB $MSTR
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