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Bitcoin plunged to $75,283, its lowest since 2024, amid thin liquidity, ETF outflows, and Kevin Warsh’s Fed chair announcement, with analysts eyeing $70,000 as a possible downside.
Bitcoin hits the lowest level since 2024, down 40% from record high
Bitcoin Crash: Bitcoin (BTC), the world’s largest cryptocurrency, has seen a significant drop in price over the past 48 hours, plunging to the lowest level since 2024. According to CoinMarketCap, Bitcoin’s price recently slid to around $75,283, marking a sharp retreat from the record high last year following Trump’s tariff push and optimism in the crypto market.
Experts attribute thin liquidity, outflow from Bitcoin ETFs and the announcement of hawkish Kevin Warsh as the next Fed chair as a major factor dampening investor sentiments and hitting the cryptocurrency.
Bitcoin and other major assets remain in a consolidation phase as thin liquidity continues to cap short-term moves, noted Akshat Siddhant, Lead quant analyst, at Mudrex.
He also highlighted that outflow in Bitcoin is causing a decrease in excessive leverage. “Recent outflows of over $1.4 billion from Bitcoin ETFs added to selling pressure, while the weekend volatility triggered nearly $2.6 billion in liquidations, effectively clearing excessive leverage from the system,” Siddhant said.
However, he pointed out that it is improving the market structure.
Vikram Subburaj, CEO, Giottus believed that the mechanical sell pressure is now cooled even if the bid hasn’t decisively rebuilt. “USspot Bitcoin ETFs remained a swing factor into the month-end. January 30 logged about $509.7 million of net outflows, led by a large IBIT redemption. However, the 30-day average of ETF flows has drifted back toward neutral,” he added.
Subburaj projected that the near-term map of Bitcoin is $76,000, if that fails, analysts are increasingly pointing to a $70,000 downside scenario.
Since the all-time high at $126,280, Bitcoin has fallen sharply to come down almost 40 per cent, reflecting a sharp volatility following a tremendous rally.
February 02, 2026, 12:17 IST
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