TLDR

Bitcoin fell 2.51% to $91,075 over 24h, underperforming the broader crypto market (-2.63%). Key factors:

ETF outflows – U.S. spot Bitcoin ETFs saw net redemptions, signaling cooling institutional demand.

Technical resistance – Rejection at $94K resistance and breakdown below $90K support triggered automated selling.

Miner selling – Riot Platforms sold 1,818 BTC ($161.6M) to fund AI pivot, adding supply pressure.

## TLDR
Bitcoin fell 2.51% to $91,075 over 24h, underperforming the broader crypto market (-2.63%). Key factors:

1. **ETF outflows** – U.S. spot Bitcoin ETFs saw net redemptions, signaling cooling institutional demand.
2. **Technical resistance** – Rejection at $94K resistance and breakdown below $90K support triggered automated selling.
3. **Miner selling** – Riot Platforms sold 1,818 BTC ($161.6M) to fund AI pivot, adding supply pressure.

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## Deep Dive
### 1. Institutional Demand Stalls (Bearish Impact)
**Overview:** U.S. spot Bitcoin ETFs recorded net outflows exceeding $200M daily recently, with total assets down from peaks despite BTC stabilizing above $90K ([AMBCrypto] Morgan Stanley’s new ETF filing reflects long-term confidence but failed to offset near-term bearish sentiment.

**What this means:** Reduced ETF inflows remove a critical price support pillar. Bitcoin’s 30-day correlation with ETF flows hit 0.89, suggesting tight linkage.

**Watch:** Daily ETF flow data and whether Morgan Stanley’s entry (if approved) reverses the trend.

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### 2. Technical Breakdown (Bearish Bias)
**Overview:** BTC failed to hold above the 38.2% Fibonacci retracement level ($90,817) and broke below the 50-day SMA ($89,087). The RSI-7 at 80.65 signaled overbought conditions pre-drop.

**What this means:** Breakdowns below $90K activated stop-loss orders and algorithmic selling. The $88,380 (61.8% Fib) level is now critical support. A close below could target $86,646 (78.6% Fib).

**Watch:** BTC’s ability to reclaim $91,550 (CME gap fill zone) or risk cascading liquidations.

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Miner Capitulation (Mixed Impact)
**Overview:** Riot Platforms sold 1,818 BTC ($161.6M) to fund AI data centers, part of a sector-wide shift reducing BTC holdings.

**What this means:** While miner sales increase near-term supply, the strategic pivot could reduce long-term sell pressure. However, 60K BTC/month absorption by accumulators is now offset by miner inflows.

**Watch:** Hash rate trends and whether other miners follow Riot’s lead.

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Bitcoin’s drop reflects fading ETF momentum, technical profit-taking, and miner-driven liquidity. While institutional interest persists structurally (e.g., Morgan Stanley ETF), short-term headwinds dominate. **Key watch:** Can BTC defend $88,380 support, or will miner/TradFi selling push it toward $80K? Monitor ETF flows and CME gap fills for directional cues.