Bitcoin Traders Flip Bearish as BTC Falls to Lowest Price in Months

By Logan Hitchcock

Bitcoin traders are losing faith in the top crypto asset’s ability to jump higher in the near-term. 

Prediction market users on Myriad—the prediction market platform operated by Decrypt’s parent company, Dastan—now predict a 53% chance that Bitcoin drops to $55,000 rather than rising back towards $84,000. On Monday, users penciled in a 62% chance of the upward swing.

The declining confidence comes amid continued downward pressure on BTC, which has fallen more than 5% in the last 24 hours to recently trade hands at $67,312. Bitcoin has now dropped more than 12% in the last week of trading.

The drawdown has been fueled with negative catalysts, including the recent BTC sale by leading Bitcoin treasury firm, Strategy, which offloaded 32 BTC worth around $2.5 million last week—its first sale since 2022 after amassing $57 billion worth of the cryptocurrency.

Analysts previously told Decrypt that Michael Saylor’s firm selling Bitcoin could immediately flip perceptions and conviction in the top crypto asset. That warning now seems prescient just a day after the firm’s announcement.

But there may be other factors at play. U.S. Bitcoin ETFs are on an 11-day outflow streak, seeing more than $3.4 billion leave the exchange traded products during that time. The exodus has seen the Bitcoin ETFs flip negative on the year, meaning that more funds have left the products year-to-date than have come in.

Those hoping for a Bitcoin bounce have been punished in the last 24 hours, as well, with nearly $600 million in BTC longs—or bets on the price of the asset going up—having been liquidated according to data from CoinGlass. 

As it stands, Bitcoin is now trading below $68,000 for the first time since April 5, according to data from CoinGecko. At that marker, BTC sits 46% off its all-time high of $126,080.

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