Bitcoin dropped to $83 000 after a sharp overnight sell-off that pushed the price as low as $81 000 intraday.

Market movement and drawdown

The cryptocurrency has lost about 33% from its all-time high of $126 000, recorded in October. The intraday slide exceeded 6%, marking the lowest intraday level since November 2025.

ETF outflows and long-term holder selling

Institutional investors have been withdrawing capital from bitcoin ETFs, with weekly outflows surpassing $1.1 billion. According to the report, 92% of those withdrawals came from the three largest funds.

Glassnode data show long-term holders sold roughly 143 000 BTC over the past month, equivalent to about $9.5 billion, the fastest pace of sales since August 2025.

Flows to gold and macro drivers

Capital appears to be shifting toward gold, which briefly approached a record near $5 600 per ounce before retreating to about $5 200. Gold rose more than 24% in January, its best monthly performance since the 1980s.

Analysts attribute the crypto sell-off to several macro factors: the Federal Reserve held rates at 3.50–3.75% with no signal of imminent easing, rising geopolitical tension between the United States and Iran after threats of a possible military strike, and new tariffs on rare-earth metals that increased market uncertainty.

Technical levels and on-chain accumulation

Technically, the 100-week moving average near $85 000, which had supported the price for the past two months, was decisively breached to the downside. Market watchers now focus on a next support range around $75 000, while some consider a drop toward $70 000 possible in coming months.

At the same time, on-chain data indicate accumulation by larger holders: Strategy and wallets holding from 1 000 BTC have collectively added more than 100 000 coins in recent weeks, even as retail and institutional selling intensified.