The selling pressure from Bitcoin ETF investors also led to a surge in liquidations in the crypto market over the past 24 hours.

Bitcoin ETF holders have been selling with the asset once again retracing below the $100,000 price level. A crypto trader says Bitcoin has had a “pretty indecisive start to the year so far.”

The world's largest exchange-traded fund, SPDR S&P 500 Trust (NYSEARCA:SPY), saw an inflow of $16.49 billion in 2024. The broader index tracking SPDR S&P 500 Trust (SPY) was up 24% in 2024. The benchmark index continued annual gains of more than 20% in 2024 and logged its first back-to-back annual gain since 1997-1998,

BlackRock's iShares Bitcoin Trust experienced a new record of $332.6 million for single-day outflows on Thursday. Despite the lackluster start to the new year, analysts see bitcoin rising to $180,000 or more in 2025.

Eleven bitcoin ETFs recorded a combined net outflow of $582 million, marking the second-largest total since these alternative investment vehicles began trading a year ago, according to data from SoSoValue.

U.S. spot Bitcoin ETFs command $106.82 billion in BTC, or 5.74% of its market cap. Bitcoin has dropped under $95,000 – Ethereum briefly traded under