Gate News message, April 17 — Bitcoin fell below $73,000 on Thursday, marking its lowest level in more than three weeks, as long-term holders realised profits and spot ETF inflows decelerated. The asset briefly dipped below $72,000, erasing billions in market value and triggering a sharp unwind of leveraged bullish positions in derivatives markets.
On-chain analytics firm Glassnode reported that long-term holders realised approximately 3.4 million BTC in profits during the recent rally, a historically significant volume that has preceded past market tops and momentum pauses. Selling pressure intensified as spot ETF demand cooled following the Federal Reserve’s recent policy adjustments, reducing the market’s ability to absorb long-term holders’ sales. The timing coincided with a large monthly options expiry on Friday, which amplified volatility. Additionally, a memo from the U.S. Office of Management and Budget (OMB) instructing government agencies to prepare for a potential discretionary funding lapse on October 1 added to traders’ risk aversion.
Derivatives desks reported approximately $275–$280 million in Bitcoin-related liquidations as leveraged longs were forced to exit positions. The liquidation cascade extended across altcoins and broader risk assets, with the total crypto market capitalisation contracting to roughly $3.76 trillion, a loss of approximately 4% in a single day. Market trackers recorded the bulk of forced exits in perpetual futures and options hedges, underscoring how Bitcoin’s price movements ripple through the entire digital-asset ecosystem.
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