Bitcoin is holding near US$74,000 despite a rebound in US technology stocks, with continued ETF withdrawals keeping pressure on the cryptocurrency market.
Bitcoin was trading around US$74,400 as US spot Bitcoin ETFs recorded another US$95 million of net outflows on Tuesday.
The withdrawals extended the recent run of selling and highlighted the disconnect between improving equity market sentiment and weaker institutional demand for crypto.
BlackRock’s IBIT has also recorded a prolonged run of redemptions, making ETF flows one of the clearest sources of pressure on Bitcoin.
The market has so far managed to defend the low-US$70,000 region despite the outflows.
That support is becoming increasingly important.
A sustained break below US$73,000 could trigger further deleveraging, while a move back above US$76,000 would provide the first indication that selling pressure is beginning to ease.
For now, institutional demand remains the key short-term variable for the crypto market.
