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Bitcoin extended losses on Friday, hovering near the USD 90,000 level as investment flows remained firmly negative.
Spot Bitcoin ETFs recorded a further USD 398 million in net outflows on Thursday, bringing cumulative withdrawals over the past three sessions to approximately USD 1.13 billion.
This sustained capital exodus underscores a clear deterioration in investors’ appetite and reinforces a bearish near-term backdrop for the cryptocurrency.
The risk-off tone has also spilt over to Ethereum. ETH ETFs registered USD 159 million in outflows, their largest daily withdrawal since mid-December, highlighting that the retrenchment is broad-based rather than Bitcoin-specific.
On-chain data validate this negative bias. Over the past 24 hours, long liquidations were more than double those of shorts, painting a bearish scenario for the cryptocurrency. In parallel, the long/short volume ratio remained below 1 for multiple sessions, pointing to persistent selling pressure and limited conviction on the long side.
Looking forward, attention now turns to today’s US nonfarm payrolls release, which could act as a short-term catalyst. A weaker-than-expected labor market print would likely reinforce expectations of a more dovish Federal Reserve stance, offering some relief to crypto assets. Conversely, resilient employment data could reinforce the current bearish momentum and prolong pressure on crypto markets.
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