Bitcoin (BTC) has faced significant downward pressure, slipping below $73,000 on Wednesday after briefly retesting $79,500 on Tuesday. This downturn reflects a decline in the tech-heavy Nasdaq index, driven by a weak sales outlook from chipmaker AMD (AMD US) and disappointing U.S. employment data. The recent price drop has sparked concerns among traders, who are now fearing further Bitcoin price pressure as spot exchange-traded funds (ETFs) recorded outflows of over $2.9 billion in twelve trading days.
Massive Outflows from Bitcoin ETFs
The average daily net outflow of $243 million from U.S.-listed Bitcoin ETFs since Jan. 16 almost matches Bitcoin’s rejection at $98,000 on Jan. 14. The subsequent 26% correction over three weeks triggered $3.25 billion in leveraged long BTC futures liquidations. Unless the buyer has deposited additional margin, any leverage that exceeds four times is already destroyed. 
Bitcoin spot ETF daily net inflows, USD. Source: CoinGlass
Some market participants attributed the recent crash to the ongoing aftermath of the $19 billion liquidation on October 10, 2025. This incident was reportedly triggered by a performance error in database queries on the Binance exchange, which resulted in delayed transfers and incorrect data feeds. The exchange acknowledged that there were technical issues during the selloff and paid out over $283 million in compensation to affected users. According to Haseeb Qureshi, managing partner at Dragonfly, “The large liquidations at Binance failed to replenish, but the liquidation engines continue to fire anyway. This resulted in market makers being wiped out and leaving them unable to pick up the pieces.” 
Source: X/hosseeb
BTC Options Metrics Indicate Pro Traders are Hedging Against Further Declines
To determine whether professional traders reacted bearishly after the crash, one should evaluate the BTC options markets. During periods of stress, demand for put (sell) instruments increases, pushing the delta skew metric above the neutral threshold of 6%. Excessive demand for downside protection typically signals a lack of confidence on the part of bulls. 
BTC 30 Day Options 25% Delta Skew (Put Call) at Deribit. Source: laevitas.ch
The BTC options delta skew reached 13% on Wednesday, a clear sign that professional traders are not convinced that Bitcoin price has bottomed out at $72,100. This skepticism is based in part on fears that the technology sector could suffer from increasing competition as Google (GOOG US) and AMD launch proprietary artificial intelligence chips. Another source of unease for Bitcoin holders are two unrelated and unfounded rumors. First, a $9 billion Bitcoin sale by a Galaxy Digital customer in 2025 was previously attributed to quantum computing risks. However, Alex Thorn, head of research at Galaxy, denied these rumors in an X post on Tuesday.
Uncertainty Surrounding Macro Economic Trends
Given the current uncertainty surrounding macroeconomic trends, many traders have decided to turn their backs on cryptocurrency markets. This shift makes it difficult to predict whether Bitcoin spot ETF outflows will continue to exert downward pressure on the price. The analysis suggests that cryptocurrency exchanges’ liquidation mechanisms “are not designed for self-stabilization like TradFi mechanisms (circuit breakers, etc.)” and instead focus solely on minimizing bankruptcy risks. Qureshi points out that cryptocurrencies are a “long series” of “bad things,” but historically they eventually recover. For more information, please visit https://cointelegraph.com/news/spot-bitcoin-etf-outflows-total-2-9b-as-btc-price-drops-to-new-2026-low
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