The recent decline in $BTC comes as no surprise. On October 25, I highlighted a specific chart pattern that outlined potential targets at $70k or $95k.
Given the broader market conditions, the odds favored a downside move following the relief rally toward $87k.
Now, as Bitcoin tests the $70k level, the price action is playing out exactly as anticipated.
$ZEC fell below $1,000 for the first time since September, dropping to $962.85 on Wednesday.
It was down 13.5% over 24 hours as of 12:20 p.m. UTC, the steepest decline among the top 100 cryptocurrencies by market cap, according to CoinGecko data. 🔴
The slide came amid a broader sell-off in privacy coins. It followed Grayscale’s pledge Tuesday to donate $1 million to organizations and projects supporting the Zcash network.
Its Zcash ETF had recorded about $15 million in net outflows through Monday in November, according to SoSoValue.
U.S. spot $BTC ETFs saw $201 million in net outflows Monday, down from $412 million on Friday, according to Farside Investors data.
BlackRock’s iShares Bitcoin Trust accounted for $213 million of Monday’s outflows, extending its streak to seven consecutive trading days and bringing cumulative withdrawals to $1.66 billion.
Across Bitcoin ETFs, net outflows totaled about $1.5 billion over six trading days.
The withdrawals continued after Coinbase’s national trust bank license took effect Friday.
Trader Kevin Bobby said the split between rising stock prices and falling crypto prices could signal a major stock market correction.