Bitcoin (BTC) has fallen below the $70,000 mark for the first time since April, rattling crypto markets and sending the Fear and Greed Index deep into extreme fear territory on Monday.
The sell-off had no single trigger but built on weeks of weakening momentum and sustained outflows from Bitcoin exchange-traded funds.
Once key support levels gave way, leveraged long positions were liquidated in rapid succession, accelerating the move lower.
Bitcoin briefly touched sub-$70,000 levels before stabilising around $71,400, reflecting a 3.1% decline on the day.
Ethereum (ETH) also fell, dropping to around $2,006, though most major altcoins held up comparatively better.
Bitcoin dominance slipped below 60% as traders rotated into select altcoins, with Humanity (H) surging more than 22% in 24 hours to emerge as the session’s standout performer.
Adding to market anxiety, blockchain analytics platform Arkham flagged the movement of 10,306 BTC, worth approximately $739 million, out of Mt. Gox cold storage and into new and hot wallets.
The transfer is the largest from the defunct exchange’s estate in over two months and has intensified speculation that further creditor repayments may be imminent.
Mt. Gox creditors have been awaiting repayments for years following the exchange’s collapse in 2014 following a high-profile hack.
Any large-scale distribution of recovered funds to creditors historically raises concerns about selling pressure, as recipients may choose to liquidate holdings.
The Crypto Fear and Greed Index dropped to 23, firmly in the extreme fear zone, suggesting retail sentiment has deteriorated sharply alongside the price action.
Broader macro conditions also weighed on risk assets, with geopolitical uncertainty briefly dragging US equities lower before a late-session reversal pushed the S&P 500 and Nasdaq back into positive territory.
