Bitcoin Slips Below $73,000 as ETF Outflows Accelerate and Options Skew Turns Bearish
February 4, 2026
Bitcoin (BTC) fell through the $73,000 barrier on Wednesday, after briefly testing the $79,500 level the day before. The move mirrored a broader sell‑off in risk assets, most notably the tech‑heavy Nasdaq, which retreated on softer sales guidance from AMD and weaker U.S. employment data.
The cryptocurrency’s downside pressure is now being reinforced by two converging market signals: a wave of capital outflows from spot Bitcoin exchange‑traded funds (ETFs) and a sharp rise in options‑market skew that suggests professional traders are hedging for further drops.
ETF Outflows Signal Capital Flight
- $2.9 billion withdrawn from U.S. Bitcoin spot ETFs over the last twelve trading sessions, according to CoinGlass data.
- The average daily net outflow since Jan. 16 is roughly $243 million, coinciding with Bitcoin’s failed attempt to break $98,000 on Jan. 14.
- The ensuing 26 % correction over three weeks triggered $3.25 billion of liquidations in leveraged BTC futures. Analysts estimate that any position using more than 4‑times leverage has already been exhausted unless additional margin was posted.
The outflow trend follows a series of high‑profile disruptions earlier this year. An October 2025 incident at Binance—caused by a database‑query glitch that delayed transfers and produced faulty market data—resulted in a $19 billion cascade of liquidations. Although Binance later compensated affected users and market makers have begun to recover, the episode highlighted the fragility of crypto‑exchange liquidation mechanisms, which lack the circuit‑breaker safeguards common in traditional finance.
“The liquidation engines kept firing even when orders could not be filled, wiping out market makers who then struggled to provide liquidity,” said Haseeb Qureshi, managing partner at Dragonfly. “The market is still feeling the aftershocks of that event.”
Options Market Shows Growing Bearish Sentiment
A key gauge of professional sentiment is the delta‑skew metric in the 30‑day BTC options market. When investors seek downside protection, put‑call skew widens above the neutral 6 % threshold.
- On Wednesday, the skew spiked to 13 %, more than double the neutral level, indicating that a substantial portion of options traders are buying puts to hedge against further declines.
- The elevated skew suggests that the market does not view the current $72,100‑$73,000 range as a firm bottom.
Analysts attribute the heightened caution to broader tech‑sector concerns. The rollout of proprietary AI chips by Google and AMD intensifies competition, adding to the uncertainty that already weighed on Nasdaq equities.
Rumors and On‑Chain Fundamentals
Two unrelated rumors surfaced this week, adding to the market’s “noise”:
-
Galaxy Digital sale – A speculative claim that a customer had off‑loaded a $9 billion Bitcoin position due to quantum‑computing risks was publicly refuted by Alex Thorn, Galaxy’s head of research.
- Binance solvency – Temporary withdrawal halts at Binance sparked speculation about its balance‑sheet health. On‑chain data, however, shows that Bitcoin deposits on the platform remain relatively stable, suggesting no immediate liquidity crisis.
Outlook
The combination of sizable ETF outflows and a markedly bearish options skew points to continued downside risk for Bitcoin in the near term. While the market has a history of recovering from “bad series” of events, the current environment is characterized by:
- Liquidity contraction in institutional‑grade products (spot ETFs).
- Elevated leverage unwind from futures positions.
- Broader macro‑economic weakness in the tech sector, which historically correlates with crypto risk‑off moves.
Investors may see further price pressure if outflows persist and hedging activity remains robust. Conversely, any infusion of new capital into ETFs or a shift in macro sentiment could provide a counterbalance.
Key Takeaways
- $2.9 bn net outflow from Bitcoin spot ETFs over 12 days, averaging $243 m per day.
- $3.25 bn in leveraged futures liquidations since Bitcoin’s Jan. 14 price rejection.
- 13 % options delta‑skew signals professional traders are positioning for additional downside.
- Market makers are still recovering from the October 2025 Binance liquidation event; crypto‑exchange liquidation engines lack traditional circuit‑breaker protections.
- Tech‑sector weakness (AMD sales outlook, AI‑chip competition) is amplifying risk‑off sentiment across crypto assets.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.
Source: https://cointelegraph.com/news/spot-bitcoin-etf-outflows-total-2-9b-as-btc-price-drops-to-new-2026-low?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
