Bitcoin Slides Toward $70K as ETF Outflows Hit $90M
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Bitcoin (BTC-USD) is struggling to extend its recent rally as macro pressures begin to creep back into the picture. Bitcoin is holding just above $70,000 after briefly touching a six-week high near $76,000 earlier this week, but the tone has shifted. Rising tensions tied to the Iran conflict are stoking inflation concerns, which in turn could push central banks toward tighter policy, creating a less supportive backdrop for risk assets. The token was trading around $70,300 in early New York hours on Friday, marking a third straight day of declines and reflecting ongoing volatility in energy and oil markets.
On the policy front, there was a development that could have been a tailwind. The US Securities and Exchange Commission released new details on how it plans to classify cryptocurrencies, with most mature tokens potentially avoiding the security label that would bring heavier regulatory oversight. Still, that positive momentum is being overshadowed by weakening sentiment. The Fear and Greed Index has slipped back into extreme fear, according to CoinGlass data, reversing an earlier rebound, while analysts at Tagus Capital noted that positioning remains defensive even as some market participants anticipate a possible relief rally.
Flows are also turning, which could be another signal investors are watching closely. US-listed spot Bitcoin exchange-traded funds recorded $90.2 million in outflows on Thursday, adding to $163.5 million in withdrawals the day before, a sharp reversal after seven consecutive days of inflows. Even so, Bitcoin has shown relative resilience compared with other assets this month, rising about 7% in March, while gold has fallen roughly 12% and Brent crude has climbed more than 40% amid supply disruptions. Some of that stability may be linked to options-related positioning, although downside hedging remains significant, with around $1.6 billion in put options concentrated at the $60,000 level.
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