Bitcoin Dips Below $80K Amid $2.5 Billion Crypto Liquidations
Bitcoin Slips Under $80,000
Bitcoin has descended to a fresh yearly low, trading below $80,000 amidst ongoing sell pressure. Data from TradingView indicates Bitcoin is trading around $78,000, marking a 6% decrease for the day and a 10% decline year-to-date. This is the lowest point since April 2025, coinciding with the announcement of reciprocal tariffs by then-President Donald Trump.
The recent downturn in Bitcoin's price is coupled with significant outflows from Bitcoin ETFs. As previously reported by CoinGape, Bitcoin funds experienced daily net outflows of $818 million on January 29, the highest since November 20. This month alone, the funds saw $1.6 billion in net outflows, marking the third consecutive month of declines, a trend not observed since their inception in 2024.
On-chain analytics from Glassnode reveal mounting sell pressure from miners, contributing to the net outflows. Macroeconomic factors, such as the nomination of 'inflation hawk' Kevin Warsh as Fed chair, have also weighed on Bitcoin's price. The December PPI inflation rate was reported at 3% YoY, surpassing expectations of 2.7%, further influencing the Federal Reserve's cautious stance on interest rates.
Crypto Market Faces $2.5 Billion in Liquidations
According to CoinGlass, the crypto market witnessed $12.5 billion in liquidations in the past 24 hours, primarily affecting long positions with $2.5 billion liquidated, while short liquidations were limited to $134 million. Major altcoins suffered as well, with Ethereum down over 11%, and XRP, SOL, BNB, DOGE, and ADA also registering double-digit losses.
Market volatility has prompted concerns of a more severe Bitcoin downturn. Veteran trader Peter Brandt suggests Bitcoin could plummet to $66,000, highlighting potential sell signals. This market turbulence brings Bitcoin closer to the average acquisition price of Michael Saylor's Strategy, which holds 712,647 BTC purchased at an average price of $76,037 per Bitcoin.
BITCOIN IS LESS THAN 5% AWAY FROM SAYLOR’S AVERAGE PRICE
Current Price: $79,061
Saylor’s Average: $76,037 pic.twitter.com/uOztbhYLLQ— Arkham (@arkham) January 31, 2026