Concerns Over Bitcoin Market Drawdown

Users on the prediction market Kalshi express worry over Bitcoin’s significant drawdown. Data from the platform suggests expectations for further declines in the world’s largest cryptocurrency.

Prediction Trend

Users anticipate Bitcoin might drop by another 27%, potentially reaching the $58,000 price level.

> Bitcoin’s recent dip sparks concern. @Kalshi forecasts a drop to $58K this year https://t.co/17Z0pg1ilf
> — *Walter Bloomberg (@DeItaone) February 28, 2025

Currently, Bitcoin has recovered by 3.25%, trading at $81,740. However, it has experienced daily declines, totaling an 18.4% correction from a peak of $99,500.

Bitcoin ETF Withdrawals

Analytics account Lookonchain reports substantial outflows from Bitcoin ETFs this week, amounting to $266.53 million on February 28, which included 3,274 BTC. The largest affected ETF, IBIT managed by BlackRock, lost $185.1 million and currently holds 576,046 Bitcoins worth $46.9 billion. The Grayscale Bitcoin Mini Trust also faced losses, with 655 BTC withdrawn.

> Feb 28 Update:
> 10 #Bitcoin ETFs
> NetFlow: -3,274 $BTC(-$266.53M)🔴#iShares(Blackrock) outflows 2,274 $BTC($185.1M) and currently holds 576,046 $BTC($46.9B).
> 9 #Ethereum ETFs
> NetFlow: -24,029 $ETH(-$51.66M)🔴#iShares(Blackrock) outflows 11,506 $ETH($24.74M) and currently holds…
> — Lookonchain (@lookonchain) February 28, 2025

In total, Bitcoin ETFs have experienced $886.61 million in outflows on that day, continuing a trend of losses over the week, including a record $937.9 million on February 26. Notably, Fidelity faced the largest withdrawals, totaling $344.7 million, surpassing BlackRock’s $164.4 million.