Bitcoin hits 15-month low amid ETF outflows and extreme fear
Bitcoin fell to a 15-month low on Wednesday, a level last seen in November 2024. Persistent outflows from spot Bitcoin ETFs and extreme market fear are pushing the asset toward deeper capitulation.
After dipping to April 2025 lows on Tuesday, Bitcoin formed another lower low the following day, revisiting November 2024 levels. On February 4, Bitcoin tested the $72,000 support level, briefly dropping to $71,600 before rebounding to around $73,500 at the time of writing.
The decline has been driven by a combination of technical breakdowns and automated liquidations, extreme investor fear — with the Fear & Greed Index (FGI) remaining at 14 — and significant institutional selling pressure.
Bitcoin daily chart. Source: TradingView
On February 3, investors withdrew $272 million from spot Bitcoin ETFs, signaling continued pressure from institutional sellers.
Total liquidations over the past 24 hours reached $600 million, including $238 million in the last four hours alone. The majority of liquidated positions were Bitcoin longs.
Key technical indicators currently point to strong bearish momentum. The 14-day RSI stands at 24.35, deep in oversold territory, while the MACD histogram remains negative at -1,574, confirming intense selling pressure.
Fear pushes prices to new lows
Investor anxiety was further amplified by public debates involving Castle Island’s Nick Carter and Bitcoin developer Matt Corallo over whether the Bitcoin network is sufficiently prepared for future quantum computing threats.
While the discussion focused on long-term theoretical risks, it introduced fresh uncertainty and “quantum panic” into a market already gripped by extreme fear, particularly affecting less technically sophisticated investors.
For traders, the immediate focus is now on whether oversold conditions can trigger a relief rally. To regain bullish momentum, Bitcoin must reach and hold the $78,240 level — corresponding to the 78.6% Fibonacci retracement. Failure to do so could push prices toward the next major support zone near $68,000.
As we wrote, Biggest threat to Bitcoin: It is not quantum computing
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