Bitcoin's Price Plunges Amid Whale Selling and ETF Outflows

Bitcoin's price has been under pressure in recent days, with the cryptocurrency trading around $65,800-$66,100. This decline comes after the exchange whale ratio rose to its highest level since 2015, indicating that large holders are selling their coins. The average bitcoin deposit size has also increased, suggesting a distribution of assets from major holders.

ETF flows have been sending mixed signals, with spot Bitcoin funds experiencing a one-day outflow of $315 million and recent cumulative outflows exceeding $6 billion. However, net inflows since launch remain around $54 billion, with ETF assets hovering near $85 billion. Deep-pocket 'insider-style' capital is still leaning towards buying, with Mubadala Investment Company raising its stake in IBIT by 46% to about $630 million.

On the technical side, BTC-USD has been trading below key moving averages and momentum indicators are aligned with a downtrend. A bearish pennant structure has formed, with price consolidating between $67,600 and $64,300 before potentially breaking lower. The 14-day average true range is high, indicating wide day ranges, but ordered volatility suggests that the market is not in a state of extreme fear.