Bitcoin Plunges Below $70K Amid 'Sell at Any Price' Sell-Off (BTC: -16.5% in 7 Days)

Bitcoin fell to around $69,000, erasing post-election gains and ending a week-long slide of about 16.5%. The broader crypto sell-off saw the CoinDesk 20 (CD20) down over 17% in a week, with Ether -22.4%, BNB -23.4%, and Solana -25.2%. Options implied volatility spiked to the 99th percentile, put skew tilted toward expensive protection, and spot BTC average market depth contracting to ~$5M from over $8M. Negative flows in spot ETFs totaled about $1.25B in the past three days, with an average cost basis near $90K leaving ~$15B in unrealized losses. Cross-asset deleveraging extended to gold (-38% from cycle high) and silver (-12% from cycle high), as QQQ fell ~500 bps over three sessions. Macroeconomic parallels to software stocks strengthened, with Salesforce (-8%), Adobe (-9%), and ServiceNow (-13%) also down. BTC hit a key tactical low around $60K and a potential tradable low at $73K; traders expect a range of $55K to $75K ahead. External stressors include Gemini’s restructuring, withdrawal-only mode in EU and UK, and Bitfarms pivoting to AI infrastructure. The Trump administration’s earlier pro-crypto stance had lifted BTC to an all-time high last year before a correction.