Investors retreated across risk assets on Thursday as Bitcoin’s slide hints at fading demand and heavier long-term holder selling. By Akash Girimath
In brief
Bitcoin fell nearly 4% from Thursday’s high, mirroring a broader retreat in equities as traders reassessed post-shutdown risks.
Long-term holders offloaded roughly 815,000 BTC over the past month, pushing selling pressure to its highest level since early 2024.
Spot-market demand weakened further as ETFs logged outflows, Coinbase’s premium turned negative, and whale selling met limited buy-side support.
Bitcoin’s bullish outlook continues to deteriorate as participants shift to a risk-off stance.
The top crypto dropped below $99,000 after shedding nearly 4% from Thursday’s intraday high of $103,690, according to CoinGecko data, mirroring a broader risk-off sentiment in traditional markets.
“Nasdaq is down around 2% and Bitcoin off a similar amount, as investors digest the fallout from the U.S. government reopening after its longest shutdown,” Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, told Decrypt.
The funding bill only offers a short-term reprieve, McMillin explained, suggesting that investors are focusing “on the damage already done.”
