Crypto Markets Plunge Amid ETF Outflows and Geopolitical Tensions

Crypto markets saw significant losses on Thursday, with Bitcoin's price dropping below $73,000. The decline was driven by a combination of factors, including liquidations and outflows from the IBIT ETF.

The IBIT ETF posted its largest single-day outflow ever, shedding $527.8 million in assets. This marked the eighth consecutive trading day of losses for the fund, with total outflows nearing $1.8 billion. The weakness of the IBIT ETF coincided with rising Treasury yields and a flight from risk assets.

Additionally, tensions between the US and Iran escalated, contributing to the market's decline. President Donald Trump reaffirmed his support for cryptocurrency, stating that he would 'never let crypto down' and promising to establish permanent digital asset market structure legislation.