Bitcoin Plunges Below $77,000 as ETF Withdrawals Accelerate

Bitcoin (BTC) dropped below $77,000 on Sunday, settling around $76,725 after a 0.80% decline from Saturday's price of nearly $77,300.

The cryptocurrency's market sentiment gauge briefly reached an all-time high of 89 in March 2024 before retreating, according to CryptoQuant's analyst Darkfost.

Darkfost noted that extreme sentiment measurements often emerge near potential market inflection points but refrained from making specific price forecasts.

In related news, spot Bitcoin exchange-traded funds (ETFs) in the US recorded $462.7 million in cumulative withdrawals between September 8 and 11, with Thursday being the largest single-day exodus at $282.7 million.