BTCUSD Today, February 24: Hedge Funds Exit, ETF Outflows Hit $3.8B
The btc price usd is under pressure today as hedge funds cut exposure and spot ETF flows turn negative again. The BTCUSD pair last traded near $66,973 after a $65,605 intraday low. US spot Bitcoin ETFs have posted five straight weeks of outflows, a key drag on liquidity and sentiment. For Canadians, US flows often spill into TSX crypto funds, while currency swings can widen tracking differences. We explain what is moving markets, the key levels, and what to watch next.
Hedge funds exit and ETF outflows
Hedge fund de-risking is accelerating. Position data show spot Bitcoin ETF exposure down about 28% quarter over quarter as fast money unwinds trades and trims risk. Dealers report smaller basis spreads and lighter demand for carry. This shift removes a key marginal buyer, adding pressure to btc price usd as liquidity thins and short-term bids step back. See coverage at Yahoo Finance.
US spot Bitcoin ETF net redemptions have stretched into a fifth straight week, totaling $3.8 billion, denting market depth and momentum. BlackRock IBIT outflows have drawn attention as investors reassess risk after a strong 2025. Persistent Bitcoin ETF outflows often coincide with wider spreads and weaker dips. These flows continue to shadow btc price usd. Details: CoinDesk.
As futures yields compress, basis trades lose appeal, so leveraged players unwind longs. That reduces synthetic demand and can pressure spot. Broader tariff and geopolitical worries keep risk appetite fragile, lifting cash preference across assets. Together, these forces sap dip-buying strength and weigh on btc price usd. We expect flows and funding to remain the primary near-term drivers while macro headlines add noise.
Price, levels, and technicals
Spot sits near $66,973, down 0.95% on the day, with a $65,605 low and $67,288 high. Momentum is soft, with MACD below signal and a negative histogram. The btc price usd tracks the lower half of recent ranges as buyers defend $65,000. With OBV trending lower, rallies need stronger spot demand to sustain. Short squeezes can pop, yet follow-through looks limited without flow support.
Immediate support sits at $65,600, then $64,675 from the Keltner lower band. A deeper pullback sees $56,580 at the Bollinger lower band. Resistance is $67,300, then the 72,300 to 72,500 zone at Keltner and Bollinger midlines. If btc price usd reclaims that band on rising volume, momentum could stabilize and broaden. Failure invites trend re-tests toward lower volatility rails.
RSI at 30.5 signals near-oversold, while ADX near 50 marks a strong trend lower. ATR around 3,803 points to elevated day-to-day swings. MFI at 55 is neutral, so pressure is not purely capitulatory. The setup implies sharp two-way moves until flows improve. For btc price usd to base, look for a rising MACD, firmer OBV, and closes above the mid-channel.
Implications for Canadian investors
Many Canadians hold US dollar crypto exposure, so returns depend on btc price usd and USD/CAD. When the loonie strengthens, CAD returns can lag even if Bitcoin rises in USD. Some TSX-listed spot ETFs offer currency-hedged classes, which can reduce FX noise. Check your product’s hedging, fees, and creation-redemption mechanism to understand tracking and slippage on fast tape.
We prefer modest sizing for volatile assets and clear rules. Consider staggered entries, alerts near key levels, and stop-loss disciplines that reflect ATR. Rebalance instead of chasing breakouts on thin liquidity. If btc price usd sits below key moving averages, keep powder dry and scale in slowly. Avoid leverage unless you fully model drawdowns and collateral demands.
Focus on daily US spot ETF flow prints, funding rates, and futures basis. A turn from net redemptions to small inflows would help breadth. For Canadians, watch TSX ETF premiums or discounts and USD/CAD direction for slippage risk. If btc price usd holds above resistance on stronger volume, a constructive swing may form. Weak flows argue for patience.
Scenarios and our view
Our composite grade is C+ with a Hold stance. We see a choppy range between $64,000 and $72,000 while outflows persist. If btc price usd stabilizes above $72,300, momentum can improve. Below $64,600, downside probes increase. Internal projections frame one-month fair value near $54,427 and a one-year median near $98,201, highlighting wide paths.
A clear slowdown in Bitcoin ETF outflows, steady funding, and calmer macro headlines could lift demand. Reclaims of $72,300 to $72,500 on rising OBV would open a run toward $75,000 to $78,000. In this scenario, btc price usd benefits from better spot depth, narrower spreads, and renewed interest from systematic buyers.
If redemptions persist and liquidity thins, sellers can press $64,600, then $60,000 to $62,000. A risk-off shock or deeper basis compression may speed unwinds. A test toward the $56,580 Bollinger lower band is possible in stress. In this path, btc price usd likely sees wider intraday swings, slippery books, and weak bounce participation.
Final Thoughts
Hedge fund de-risking, five weeks of US spot ETF outflows, and softer basis have turned the tape cautious. That mix weighs on liquidity and confidence, keeping btc price usd inside a fragile range. For Canadians, tracking differences and USD/CAD add another layer, so product choice and risk rules matter. We would watch daily ETF flow prints, basis, and OBV for early improvement. Tactically, respect support at $65,600 and resistance near $72,300. Let price prove strength with closes above mid-channel levels before adding risk. Keep sizes modest, use staged orders, and avoid leverage unless you fully plan for volatility. If flows flip positive, momentum can rebuild quickly.
FAQs
Why is Bitcoin weak today?
Hedge fund de-risking, five consecutive weeks of US spot Bitcoin ETF outflows, and tighter basis spreads are pulling liquidity. Macro worries around tariffs and geopolitics also reduce risk appetite. Together, these factors pressure btc price usd and limit bounce attempts until flows or momentum signals improve.
How do ETF outflows affect btc price usd?
When spot ETFs face redemptions, market makers must sell Bitcoin to meet outflows. That reduces spot demand, widens spreads, and weakens depth. Sustained outflows often cap rallies and increase intraday swings. A shift to even small net inflows can stabilize price action and improve liquidity.
What levels should traders watch this week?
Support sits near $65,600, then $64,675. Resistance is around $67,300 and the $72,300 to $72,500 band. Closes above the mid-channel zone would help trend repair. A break below $64,600 risks tests toward $60,000 to $62,000, with $56,580 as a stress marker.
What should Canadian investors consider before buying?
Know your product’s currency exposure, fees, and creation-redemption process. Currency-hedged TSX classes can reduce USD/CAD noise. Size positions modestly, use staged entries, and set stops based on volatility. If btc price usd is below key averages, consider patience until flows, breadth, and volume improve.
What are key signals for a turnaround?
Watch for slowing or reversing Bitcoin ETF outflows, rising OBV, a MACD cross-up, and closes above the $72,300 to $72,500 zone. Improving funding and firmer futures basis would also help. Together, these signals would suggest better depth and a stronger foundation for the next leg.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.