Bitcoin Hits $76,000 Overnight as $600M ETF Outflows Trigger Selloff

Bitcoin fell below $77,000 and briefly touched $76,000 overnight, dropping more than 8% in 24 hours as institutional selling intensified across crypto markets. Ethereum declined below $3,400, while larger-cap altcoins posted double-digit losses during the session.

Market data attributed the selloff to sustained outflows from spot Bitcoin exchange-traded funds, which recorded more than $600 million in net redemptions during the previous trading session—the largest single-day withdrawal since January. BlackRock's IBIT and Fidelity's FBTC accounted for a significant portion of the outflows. Crypto derivatives markets experienced heavy liquidations, with Coinglass data showing more than $1.4 billion in leveraged positions forcibly closed within 24 hours, predominantly long positions.