Mar 5, 2026
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BEARISH 📉 : Bitcoin ETF outflows slow, but market sentiment remains weak
Bitcoin has reclaimed the $70,000 level, easing selling pressure after volatile trading. Despite this recovery, many market participants remain under pressure due to macro uncertainty and geopolitical tensions.
- Spot Bitcoin ETFs show holders are below their average realized price of $79,000, indicating losses despite recent rebounds.
- ETFs have seen significant drawdowns, with over $8.9 billion outflow during the downturn, although the pace of outflows is slowing.
- BlackRock’s iShares Bitcoin Trust experienced significant withdrawals, with over 42,000 BTC exiting the fund, increasing supply on the market.
- The cumulative drawdown in ETF holdings improved to approximately −$7.8 billion, suggesting stabilization.
On a technical note:
- Bitcoin's move above $70K shows short-term momentum improvement, reclaiming the 50-period moving average while testing the 100-period.
- The $69,000–$70,000 region was previously a rejection zone; buyers are beginning to absorb the supply.
- Bitcoin remains below the 200-period moving average, which is key for confirming a trend reversal.
- Volume has increased modestly, indicating renewed participation but not at levels for sustained bullish trends.
- Holding above $69,000 is critical for maintaining momentum, potentially leading to $73,000–$75,000. Failure could return the price to $66,000–$67,000 range.