NEW YORK — The bitcoin price slid toward $70,000 in Asian trading Thursday, touching its lowest level since November 2024 as a broad retreat from risk assets rippled from technology shares into crypto markets, Feb. 5, 2026.
The selloff accelerated as investors recalibrated rate expectations, stayed defensive on tech and pulled money from U.S.-listed spot bitcoin exchange-traded funds, or ETFs.
Bitcoin price at a 15-month low puts $70,000 support in focus
Bitcoin fell more than 3% to about $70,052 in early trading, according to a Reuters report. Ether, the second-largest cryptocurrency, was down nearly 2% around $2,086. Bitcoin has fallen more than 7% this week and nearly 20% so far in 2026, while ether is down close to 30% for the year.
Analysts say the latest leg lower was triggered by President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair, stoking fears of a smaller Fed balance sheet — a backdrop that has historically weighed on speculative assets. “The market fears a hawk with him,” Julius Baer’s Manuel Villegas Franceschi said. “A smaller balance sheet is not going to provide any tailwinds for crypto,” he added.
That risk-off tone has been reinforced by a tech-led stock slump. The Nasdaq 100 fell 1.55% Tuesday as investors rotated out of software and other data-service names amid “AI disruption” worries, according to Nasdaq.com.
Crypto-linked equities have also been swept up in the downdraft. Coinbase and Strategy were among the names down at least 15% over the past five trading days as bitcoin briefly slipped below $73,000 earlier this week, Investopedia reported.
ETF redemptions add fresh pressure to the bitcoin price
A major headwind for the bitcoin price has been institutional money flowing out of spot ETFs. Deutsche Bank analysts cited “massive withdrawals” and said U.S. spot bitcoin ETFs saw more than $3 billion in outflows in January after roughly $2 billion in December and $7 billion in November, Reuters reported.
Daily flow data have also turned choppy. U.S. spot bitcoin ETFs posted a net inflow of about $562 million Feb. 2, but flipped to net outflows of $272 million Feb. 3 and about $545 million Feb. 4, according to Farside Investors’ ETF flow tracker.
How this downturn fits into the bigger bitcoin price cycle
The selloff marks a sharp reversal from last year’s highs. Bitcoin topped $125,000 in early October, helped by a run in U.S. equities and ETF inflows, Reuters reported at the time.
Spot bitcoin ETFs were first approved in the U.S. in January 2024, an industry milestone that broadened access for traditional investors, Reuters wrote. But the same vehicles that helped power the rally can amplify declines when investors rush for the exit.
That dynamic showed up late last year, when investors pulled a record $523 million from BlackRock’s iShares Bitcoin Trust in a single day as bitcoin slid below $90,000, according to Reuters.
For now, traders are watching whether the bitcoin price can hold above $70,000 and whether ETF outflows ease. If equity volatility stays elevated and liquidity expectations keep tightening, crypto markets could remain under pressure.
