Update
Bitcoin Drops Below $82K Despite ETF Inflows
Bitcoin dropped below $82,000 to an intraday low of $80,836 during a late Wednesday sell-off. The cryptocurrency's price reversal proved catastrophic for traders betting long on the asset, with long bets liquidated reaching $135 million over the last 24 hours. Despite a brief recovery attempt, the cryptocurrency hit resistance above $81,500, eventually tumbling to an intraday low of $80,836. Bitcoin's price action came even as spot bitcoin ETFs drew more than $1 billion in inflows over the prior three days, highlighting a potential disconnect between ETF flows and the asset's price.