News 
February 25, 2025 
3 min. 
Bitcoin has fallen below the $90,000 mark for the first time since November 2024, as investors react to a wave of selling in U.S. spot Bitcoin exchange-traded funds (ETFs). The drop has sparked concerns among analysts about the sustainability of Bitcoin’s recent rally, particularly as market liquidations mount.
Bitcoin ETF Outflows Trigger Market Downturn
Bitcoin dropped to a three-month low of $87,629 on Feb. 25, according to Cointelegraph Markets Pro. The decline follows six consecutive days of selling in U.S. Bitcoin ETFs, with the funds recording over $516 million in net outflows on Feb. 24 alone, per data from Farside Investors.
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The selling pressure in Bitcoin ETFs has been building since Feb. 18, resulting in a price decline of more than 6.2% over the past week. In the two weeks leading up to Feb. 21, the funds saw a cumulative net outflow of over $1.14 billion—the highest two-week withdrawal period since the ETFs launched in January 2024.
Market analysts suggest that the ongoing sell-off is being driven in part by geopolitical uncertainty. Trade tensions between the U.S. and China have escalated, with former President Donald Trump indicating that a new trade deal might be possible but offering no concrete timeline. The uncertainty has prompted risk-averse investors to take profits or move out of volatile assets like Bitcoin.
Crypto Liquidations Surge as Market Reacts
Apart from the ETF-driven selloffs, the entire cryptocurrency market has had to contend with other internal problems. Bybit was hacked on February 21, which is now considered the largest hack in the crypto world.
The hack made investors nervous and increased the volatility in the market. The rampant selloffs have led to over 1.3 billion dollars worth of crypto liquidations in the last day and affected over 362 thousand traders. Of all the liquidations, Bitcoin alone sold off approximately 523 million dollars worth. Some analysts, despite the panic, still see Bitcoin’s drop as a result of market structure.
He notes that the recent shift in Bitcoin price is closely correlated with the pullback pattern seen in 2017 when the asset had multiple 28% pullbacks for two to three months at a time. Unfounded concerns aside, data suggests that people seem to jump back in after sell offs causing Bitcoin rallies and after a change in volatility. Investors have their eyes glued to the market looking for signs of volatility or further drops.
