Crypto Bloodbath: $278M Vanishes as Bitcoin Stumbles — Who Needs Vegas?

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Oh, the tragic ballet of Bitcoin ETFs! Yesterday, over $250 million of that shiny digital gold evaporated faster than cookies at a hacker’s picnic, pushing the market into a somber retreat. An encore performance of a 77% plunge in net inflows the day before—because who doesn’t love déjà vu with a side of despair?

All this drama unfolds as BTC‘s mighty price dips below the sacred $105,000 mark during Thursday’s frantic trading session. Yes, the big figure fell—by nearly $4,000—to a sad $101,201 intraday low—as if the cryptocurrency itself had a existential crisis on live TV.

BTC Spot ETFs Bleed Capital Amid Price Drop to $101,000

On the fateful Thursday, Bitcoin’s exchange-traded cousins spilled over $278 million in capital—sorry, not the kind with yachts—out into the abyss. This capital exodus only deepened the bullish gloom, following a colossal 77% hemorrhage in inflows just a day prior. Who needs a bank vault when you have ETFs bleeding like a soap opera character?

This capricious ETF sell-off was sparked by BTC’s plunge during trading hours, breaking the sacred support of $105,000—a number that apparently holds more importance than a heroine’s virtue in a noir flick. The coin tumbled to an intraday low of $101,201, leaving investors’ hopes as crushed as a pancake on a Sunday morning.

A relentless exodus from BTC spot ETFs is like a bad breakup—accelerating fears that the market’s confidence is fading faster than a magician’s rabbit. This could press the panic button further, triggering a price spiral that no self-respecting bear dreams of missing.

Yesterday, the ante was upped as ARK 21Shares’ ARKB led the sad parade with a staggering $102.02 million in outflows. Its overall net inflow, however, clings stubbornly at a hefty $4.67 billion—proof that even in chaos, some portfolios don’t know when to quit.

Bitcoin Down as Futures Market Cools

By Friday, the Bitcoin saga continues with another 2% slide. Meanwhile, its futures open interest—those fancy contracts traders use to gamble—dipped 1%, hinting that everyone’s wrapping up their positions as if fleeing a burning building. Less open interest, more uncertainty, and perhaps a precursor to further downward doom.

Open interest is like the number of unreturned library books; when it drops, traders are closing shop, not trying to make new bets. This reduction signals a market that’s more of a ghost town than a bustling marketplace for crypto dreams.

Curiously, despite this grim face, the options market—often the payday of gamblers—remains surprisingly stubborn. Demand for call options (the bullish “please God, save us” bets) still outpaces puts, hinting that some traders are bracing for a comeback, as if waiting for divine intervention or at least a decent rally.

So, what’s the cocktail of truth here? ETFs are fleeing faster than guests at a bad wedding, yet derivatives traders—those brave, caffeine-fueled thrill-seekers—are watching for a phoenix from the ashes. A market mood swing, anyone? Cheers to chaos, dear reader—pass the popcorn.

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2025-06-06 10:05