Bitcoin drops below $75k, ETF outflows total $2.26 billion over two weeks, nearly $1 billion in liquidations. But what’s truly worth watching isn’t the price, but who is taking the other side.

ETF funds continue to withdraw, retail investors panic and sell, but on-chain data shows that some institutions and large holders are accumulating on dips. One signal is that Ethereum OG addresses bought 3,942 ETH today at an average price of $2,049.
Market divergence is obvious: on one side, ETF outflows hit record levels; on the other, Bitcoin’s losses are approaching historical lows, with chips shifting from weak hands to strong hands.
The risk is that if macro expectations continue to worsen—such as Warsh potentially cutting rates while the market prices in hikes—liquidity squeeze could intensify further. The liquidation wave isn’t over yet, and leveraged longs remain on the edge of a cliff.
Short-term sentiment dominates prices, but structural capital rotation often sets the stage for the next accumulation cycle. The key isn’t guessing the bottom, but observing who is buying and who is selling.
$btc #eth #DeFi #etf #On-chain data