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>>Bitcoin Is Dead searches reach post-FTX peak as $70 million in liquidations send Bitcoin's price tumbling.

Bitcoin Is Dead searches reach post-FTX peak as $70 million in liquidations send Bitcoin's price tumbling.

crypthub

about 3 hours ago

Search Trends and Market Sentiment

Google Trends data showed a sharp increase in searches for “Bitcoin is dead” following the FTX collapse, with Bitcoin trading near its cycle range. The spike reflected shifting sentiment amid market tension, sparking discussions on social platforms. Changpeng Zhao of Binance shared the trend, questioning if it signaled bearish or bullish momentum.

On-Chain Activity and Derivatives Pressure

Large Bitcoin holders transferred significant amounts to exchanges, with one whale moving 11,318 BTC to Binance before liquidating USDT. Derivatives data revealed over $70 million in Bitcoin liquidations, pointing to leveraged trading pressure. Bitcoin traded at $68,175, down 2.01% weekly, with retail sentiment remaining bearish.

Technical Analysis and Institutional Outlook

Technical analysis highlighted clustered support levels below $68,000, including $67,300 and $65,300, with deeper support near $60,800. Open interest rose to $20.71 billion, and funding rates turned positive. However, spot Bitcoin ETFs showed five weeks of net outflows, indicating weak institutional demand despite the price rebound.