Analysis: BTC Reclaims $76K but Struggles to Reverse Weakness; US Tech Stock Selloff Hits Crypto Market

Odaily: Bitcoin reclaimed $76,000 on Friday after briefly falling below that level on Thursday amid a selloff in US tech stocks. BTC is still down more than 5.3% over the past 24 hours. According to SoSoValue data, US spot Bitcoin ETFs saw net outflows of $430.2 million on Thursday, including $199.9 million from Fidelity's FBTC and $105 million from BlackRock's IBIT, reversing Wednesday's net inflow of $74.6 million. As of Thursday, cumulative net outflows for the week had reached $869.8 million. In addition, the US tech stock selloff triggered a chain reaction in the crypto market, with $1.26 billion in crypto leveraged positions liquidated over the past 24 hours, of which long positions accounted for $1.12 billion.

Analysts noted that some asset managers may be selling alternative assets to meet margin requirements and reduce portfolio leverage. During Bitcoin's previous rebound, futures open interest was largely flat, and BTC on Coinbase briefly traded below Binance, reflecting still-weak buying demand in the US market. (CoinDesk)