{"id":93957,"date":"2026-02-05T10:09:06","date_gmt":"2026-02-05T07:09:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93957"},"modified":"2026-02-06T11:11:48","modified_gmt":"2026-02-06T08:11:48","slug":"bitcoin-tests-70000-amid-macro-pressure-and-etf-outflows","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-tests-70000-amid-macro-pressure-and-etf-outflows\/","title":{"rendered":"Bitcoin Tests $70,000 amid Macro Pressure and ETF Outflows"},"content":{"rendered":"<p>On 5 February, the price of the leading cryptocurrency fell to $70,119 \u2014 the lowest since October 2024. Ethereum followed suit, dipping to $2,079.<\/p>\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"658\" data-id=\"274649\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-1a9d2d30744a5e72-5491422865320756-1024x658.png\" alt=\"BTCUSDT_2026-02-05_09-21-45\" class=\"wp-image-274649\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-1a9d2d30744a5e72-5491422865320756-1024x658.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-1a9d2d30744a5e72-5491422865320756-300x193.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-1a9d2d30744a5e72-5491422865320756-768x493.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-1a9d2d30744a5e72-5491422865320756.png 1429w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingVIew<\/a>.<\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"658\" data-id=\"274648\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-3e286ca428c48209-5491422754238544-1024x658.png\" alt=\"ETHUSDT_2026-02-05_09-34-23\" class=\"wp-image-274648\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-3e286ca428c48209-5491422754238544-1024x658.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-3e286ca428c48209-5491422754238544-300x193.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-3e286ca428c48209-5491422754238544-768x494.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-3e286ca428c48209-5491422754238544.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute ETH\/USDT chart on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AETHUSDT\">TradingVIew<\/a>.<\/figcaption><\/figure>\n<\/figure>\n<p>Kronos Research investment director Vincent Liu <a href=\"https:\/\/www.theblock.co\/post\/388603\/bitcoin-slides-below-71000\">linked<\/a> the drop to a break of key support after a failed bounce. He said three forces intensified the pressure: a wave of long liquidations, a sell-off in US tech, and outflows from spot <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETFs<\/a>.<\/p>\n<p>The malaise reached equities too. Shares of Coinbase fell 6.14%, while mining company BitMine dropped 9.17%. The Nasdaq Composite slipped 1.51%.<\/p>\n<p>Peter Chang, head of research at Presto Research, argues the current correction stems from global macroeconomic forces rather than crypto-specific woes. Investor sentiment is at its lowest since the last bear phase. <a href=\"https:\/\/forklog.com\/en\/news\/what-is-cryptos-fear-and-greed-index\">A popular sentiment gauge<\/a> slid to 12 (\u201cextreme fear\u201d).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6f1bba1bce33587a-5491495276418962.webp\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-02-05 093920\" class=\"wp-image-274650\"\/><figcaption class=\"wp-element-caption\">Crypto fear and greed index. Source: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Alternative<\/a>.<\/figcaption><\/figure>\n<p>Even so, Chang advised ignoring market noise and focusing on the long-term potential of digital-asset adoption.<\/p>\n<p>Some market participants linked the sell-off to the aftermath of the <a href=\"https:\/\/forklog.com\/en\/news\/whales-adl-and-the-end-of-the-bull-what-really-happened-on-cryptos-black-saturday-2\">10 October 2025<\/a> incident. A database failure at Binance then caused transaction delays and mispriced quotes, triggering $19 billion of cascade liquidations. The exchange acknowledged the technical issues and paid more than $283 million in compensation.<\/p>\n<p>Dragonfly managing partner Haseeb Qureshi noted that during October\u2019s disruption there was insufficient buy-side liquidity, yet liquidation mechanisms continued to function normally.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">With all respect to Star, this story is candidly ridiculous.<\/p>\n<p>Star is trying to claim that the root cause of 10\/10 was Binance creating an Ethena yield campaign, causing USDe to get overleveraged from traders looping it on Binance, which eventually unwound because of a small\u2026 <a href=\"https:\/\/t.co\/IXlqLZI3DN\">https:\/\/t.co\/IXlqLZI3DN<\/a> <a href=\"https:\/\/t.co\/7YX529JAjN\">pic.twitter.com\/7YX529JAjN<\/a><\/p>\n<p>\u2014 Haseeb \uff1e|\uff1c (@hosseeb) <a href=\"https:\/\/twitter.com\/hosseeb\/status\/2017547160695578667?ref_src=twsrc%5Etfw\">January 31, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>That dealt a blow to <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-market-maker\">market makers<\/a>, who \u201cwill need time to recover\u201d. Qureshi stressed that, unlike traditional finance, crypto exchanges lack built-in circuit breakers. Their liquidation systems are aimed solely at protecting the platform from insolvency.<\/p>\n<p>Tension was exacerbated by unconfirmed rumours of a $9 billion bitcoin sale by a Galaxy Digital client, purportedly over fears about quantum computing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hooo buddy. To translate what <a href=\"https:\/\/twitter.com\/novogratz?ref_src=twsrc%5Etfw\">@novogratz<\/a> is saying here (via <a href=\"https:\/\/twitter.com\/search?q=%24GLXY&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GLXY<\/a> earnings call this AM): The $9B block trade Galaxy did last quarter was for someone 1) early\/rich (clearly), 2) smart, 3) fairly concerned about <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> Quantum Resistance <a href=\"https:\/\/t.co\/kooKJyjB1s\">https:\/\/t.co\/kooKJyjB1s<\/a> <a href=\"https:\/\/t.co\/iUsu1pvM17\">pic.twitter.com\/iUsu1pvM17<\/a><\/p>\n<p>\u2014 Kellan Grenier (@kellangrenier) <a href=\"https:\/\/twitter.com\/kellangrenier\/status\/2018698288430563496?ref_src=twsrc%5Etfw\">February 3, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm\u2019s researcher Alex Thorn rejected that speculation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">quantum is not why the whale sold<\/p>\n<p>novo didn\u2019t connect the two. he said it was one reason ppl are claiming for btc weakness, but he disagrees with that (this is clear if you read the full transcript)<\/p>\n<p>he then clarified on bloomberg that quantum isn\u2019t the reason for btc weakness <a href=\"https:\/\/t.co\/pxvqOvsTZZ\">https:\/\/t.co\/pxvqOvsTZZ<\/a> <a href=\"https:\/\/t.co\/JT5Qi0PXI4\">pic.twitter.com\/JT5Qi0PXI4<\/a><\/p>\n<p>\u2014 Alex Thorn (@intangiblecoins) <a href=\"https:\/\/twitter.com\/intangiblecoins\/status\/2018756806277742653?ref_src=twsrc%5Etfw\">February 3, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On 3 February, K33 Research analyst Vetle Lunde <a href=\"https:\/\/forklog.com\/en\/news\/k33-dismisses-80-bitcoin-decline-from-peak\">ruled out<\/a> an 80% drawdown in bitcoin from its peak.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 5 February, bitcoin fell to $70,119 \u2014 the lowest since October 2024. Ethereum slid to $2,079.<\/p>\n","protected":false},"author":1,"featured_media":93958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitcoin fell to $70,119 amid macro jitters and ETF outflows; Ethereum slid to $2,079.","creation_source":"ai_translated","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,569,46,1384],"class_list":["post-93957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-etf","tag-ethereum","tag-fear-index"],"aioseo_notices":[],"amp_enabled":true,"views":"168","promo_type":"1","layout_type":"1","short_excerpt":"Bitcoin fell to $70,119 amid macro jitters and ETF outflows; Ethereum slid to $2,079.","is_update":"0","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=93957"}],"version-history":[{"count":2,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93957\/revisions"}],"predecessor-version":[{"id":93960,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93957\/revisions\/93960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/93958"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=93957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=93957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=93957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}