Traders Abandon $84K Recovery Bet

Bitcoin traders are rapidly losing confidence in the market's ability to recover, with investors fearing that BTC is more likely to continue its freefall to $55,000 than rebound to $84,000.

The shift comes as Bitcoin sinks to its lowest level in nearly two months, weighed down by heavy selling pressure, persistent ETF outflows and growing concerns over weakening market demand.

Sentiment on prediction markets such as Myriad has reversed sharply over the past 24 hours. Betters are now putting their bets on the possibility that Bitcoin's next major move will decline to $55,000.

Just one day earlier, traders had given the bullish scenario a 62% chance of playing out. The dramatic reversal highlights how quickly confidence has deteriorated as Bitcoin continues to slide.

BTC recently fell more than 5% in a single day to around $67,312, extending its weekly losses to more than 12% and pushing the asset to its lowest level since early April.

Strategy Sale Raises New Questions

One of the catalysts behind Bitcoin bearish performance is closely linked to Strategy's decision to sell Bitcoin for the first time since 2022. The company offloaded 32 BTC, worth roughly $2.5 million, after spending years building one of the largest corporate Bitcoin treasuries in the world.

While the sale represents only a tiny fraction of Strategy's holdings, analysts had warned that any move by Michael Saylor's company to sell Bitcoin could damage market confidence. For many investors, the transaction raised uncomfortable questions about whether one of Bitcoin's most committed corporate buyers is becoming less aggressive.

At the same time, institutional demand appears to be weakening. US spot Bitcoin ETFs have now recorded 11 consecutive days of outflows, with more than $3.4 billion leaving the products during that period.

The withdrawals have pushed Bitcoin ETF flows into negative territory for the year, meaning investors have now pulled more money out of the funds than they have added in 2026.

The sustained outflows suggest institutional investors are becoming increasingly cautious as Bitcoin struggles to regain momentum. The latest sell-off has also triggered widespread liquidations among leveraged traders.

According to CoinGlass, nearly $600 million worth of Bitcoin long positions were wiped out over the past 24 hours as falling prices forced bullish traders out of the market.

Bitcoin is now trading below $68,000 for the first time since April 5 and remains roughly 46% below its all-time high of $126,080.

Confidence Continues to Erode

The combination of ETF outflows, forced liquidations and Strategy's highly scrutinized Bitcoin sale has created a powerful bearish narrative at a time when the market is already under pressure.

Just days ago, traders were positioning for a recovery toward $84,000. Now, sentiment has flipped decisively, with prediction market users increasingly betting that Bitcoin's next major destination could be $55,000 instead.