Bitcoin breaks below $73K, dragging crypto stocks lower

Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) slid to its lowest level in more than six weeks on Thursday as concerns over the Middle East conflict and continued outflows from U.S. exchange-traded funds pressured the world’s largest cryptocurrency.

The token fell as much as 3.3% to $72,643 in Singapore trading on Thursday, marking its weakest level since April 13. Ether, the second-largest cryptocurrency, dropped more than 4% to $1,965, its lowest point in nearly two months.

Of note, BlackRock's iShares Bitcoin Trust shed $527.84M on Wednesday — its second-largest single-day net outflow since launching in January 2024, missing the all-time record of $528.3M set on January 30 by less than half a million dollars, as per reports.

The near-record redemption was part of a broader institutional exodus that saw the 11 US-listed spot Bitcoin ETFs lose a combined $733.43M in a single session, pushing total two-week outflows from the complex to more than $2B as Bitcoin broke below $73,000.

Cryptocurrency-linked stocks active in premarket trading included Strategy (MSTR [https://seekingalpha.com/symbol/MSTR]), MARA Holdings (MARA [https://seekingalpha.com/symbol/MARA]), Coinbase (COIN [https://seekingalpha.com/symbol/COIN]), Robinhood Markets (HOOD [https://seekingalpha.com/symbol/HOOD]), Circle Internet Group (CRCL [https://seekingalpha.com/symbol/CRCL]), Riot Platforms (RIOT [https://seekingalpha.com/symbol/RIOT]), Galaxy Digital (GLXY [https://seekingalpha.com/symbol/GLXY]), Hut 8 (HUT [https://seekingalpha.com/symbol/HUT]), Bitmine Immersion (BMNR [https://seekingalpha.com/symbol/BMNR]), and CleanSpark (CLSK [https://seekingalpha.com/symbol/CLSK]).

Other notable cryptocurrencies that traded in the red included XRP (XRP-USD [https://seekingalpha.com/symbol/XRP-USD]), Binance Coin (BNB-USD [https://seekingalpha.com/symbol/BNB-USD]), Celestia (TIA-USD [https://seekingalpha.com/symbol/TIA-USD]), Uniswap (UNI-USD [https://seekingalpha.com/symbol/UNI-USD]), Avalanche (AVAX-USD [https://seekingalpha.com/symbol/AVAX-USD]), Dogecoin (DOGE-USD [https://seekingalpha.com/symbol/DOGE-USD]), and Solana (SOL-USD [https://seekingalpha.com/symbol/SOL-USD]).
[The New Gold. Bitcoin Concept]
BlackJack3D

MORE ON BITCOIN USD, GRAYSCALE BITCOIN TRUST ETF, ETC.

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* Bitcoin Drops Below $76,000 And Enters Correction Phase [https://seekingalpha.com/article/4909165-bitcoin-drops-below-76000-enters-correction-phase]
* Bitcoin Held The $75K Test, But Options Confirmation Is Still Narrow [https://seekingalpha.com/article/4909106-bitcoin-held-75k-test-options-confirmation-still-narrow]
* Bitcoin breaks below $73K, dragging crypto stocks lower [https://seekingalpha.com/news/4597733-bitcoin-breaks-below-73k-dragging-crypto-stocks-lower]
* ARK’s Cathie Wood eyes $750K Bitcoin base case, $1.25M long-term [https://seekingalpha.com/news/4597211-arks-cathie-wood-eyes-750k-bitcoin-base-case-125m-long-term]