#IBIT 10 BILLION USD VOLUME: UNLEASHING LEVERAGE, OPENING TECHNICAL RECOVERY CAPACITY FOR BITCOIN

The trading session on 05/02 witnessed a record volume of nearly 10 billion USD at iShares Bitcoin Trust (IBIT), accompanied by a sharp drop of 13%. Bitcoin quickly plunged from 75,650 USD to a temporary bottom of 60,341 USD, while the Fear & Greed index fell to a level of 10 — reflecting extreme panic sentiment. The ETF cash flow also recorded an outflow of about 545 million USD, indicating increased pressure to exit short positions.

However, technical and on-chain data show signs of capitulation. The daily RSI dropped to 28, SOPR below 1, and NUPL fell into the “hope” zone, which often appears near short-cycle bottoms. Low NVT also indicates that valuations are approaching more attractive levels. Nevertheless, the trend structure remains bearish as prices lie below EMA20 and SMA20; the 72,000–75,000 USD range has become a significant resistance.

In the derivatives market, over 1.2 billion USD in positions were liquidated, primarily long orders. This helps reduce leverage pressure, creating a foundation for a technical rebound but simultaneously confirms that selling pressure remains strong. Net selling activity from whales continues to be a variable to monitor.

In the short term, Bitcoin may technically recover 5–15%. The medium term still depends on the ability to maintain the Realized Price around 55,000 USD. Risk management and leverage control are currently the decisive factors for investment efficiency.

Did you buy $BTC when it hit 60000 yesterday?