The mid-week price rally that propelled Bitcoin to a monthly high of $67,000 has stopped, with the asset falling below $64,000 earlier today, essentially wiping out all of the gains it had recorded.
There are two possible reasons behind this precipitous decline.
Outflow of ETF investors
Start with spot exchange-traded funds that track the largest cryptocurrencies. They raised about $1 billion in a seven-day roll that began last Tuesday, the first time since April that period. But investors changed their minds again on Thursday, pulling out more than $200 million worth of money. $BTC. This coincided with the first retracement where the asset rose towards $65,000.
However, more recent on-chain data today claimed that BlackRock continues to scrap. $BTC For our customers, we transfer approximately $203 million to Coinbase Prime and use this money whenever we liquidate a portion of an ETF position.
Of course, the actual damages for the entire day will be announced tomorrow when data providers such as SoSoValue update their numbers. But for now, given the latest trend changes, uncertainty remains relatively high.
BlackRock moved 3.126K $BTC (~$203 million) from IBIT Bitcoin ETF wallet to Coinbase Prime.
This move was carried out across multiple transactions involving several 300 transactions. $BTC batch and one 126.168 $BTC transfer.@blackrock @coinbase pic.twitter.com/hD4ty5YARy
— OnchainLens (@OnchainLens) July 24, 2026
President Trump threatens new tariffs
Since returning to the White House, President Donald Trump has made numerous attempts to impose tariffs on nearly every country at some point. What is particularly interesting is that EU member states, which are supposed to be allies, are the main targets.
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History shows that the threat of tariffs has had an impact during the darkest hours. $BTC The situation was serious, including when assets plummeted in April last year. The past few hours provided another example of this as the asset retreated just under $63,000.
He blamed the EU for imposing hefty fines on some of America’s biggest companies, including Apple, Meta and Google, and warned that his administration would “immediately launch a 301 investigation into ‘extortion’ of American companies and, by extension, American taxpayers.” He also outlined the upcoming wave of tariffs.
“The European Union will pay a very high price for this illegal and highly unethical act. I have consistently warned the European Union about this. We expect the penalties to be fully reversed and significant tariffs to be imposed at the earliest possible date,” the message said.
