Bitcoin holders book $2 billion loss as US jobs data hits

Bitcoin holders realized more than $2 billion in losses over three days as exchange selling intensified and expectations of a US rate hike rose. On Friday, Bitcoin briefly plunged below $75,000 as a sharp sell-off in US technology stocks spilled into digital assets.

Exchange Selling Intensifies

Selling pressure now dominates spot trading on Binance. The sustained outflow of assets from exchanges to external wallets typically signals a shift in market sentiment, where holders move to realize losses or exit positions amid heightened volatility. The three-day period of realized losses exceeding $2 billion indicates a significant amount of capital leaving the market or being transferred to cold storage after price declines.

The move below the $75,000 threshold on Friday marked a key technical level for the asset. The decline coincided with a broader risk-off environment in traditional financial markets, specifically within the US technology sector. When tech stocks experience sharp sell-offs, digital assets often face correlated selling pressure due to their shared status as high-beta, growth-oriented investments.

Macro Factors Drive Pressure

Expectations of a US rate hike rose during this period, adding macroeconomic headwinds to the crypto market. Higher interest rates typically increase the opportunity cost of holding non-yielding assets like Bitcoin, potentially prompting investors to shift capital toward fixed-income instruments. The combination of rising rate expectations and the tech stock sell-off created a dual pressure point for digital assets.

The $70,000 level is now identified as a critical support threshold. If selling pressure continues to dominate spot trading on major exchanges like Binance, Bitcoin faces the risk of testing this lower bound. The current market dynamics suggest that until exchange outflows stabilize and macroeconomic signals clarify, downward pressure may persist.