Bitcoin Price Slips Near $77K Amid Broader Risk Asset Weakness
Bitcoin's price slipped lower in early European trading on Wednesday, reaching local lows near $76,400 before recovering to around $77,000, according to CoinGecko. The retreat came as broader risk assets weakened in Asia and as the US fixed-income backdrop remained fragile.
CryptoQuant data suggests the selloff wasn't solely a momentum move, Bitcoin's 'apparent demand' indicator turned negative again following outflows from US spot Bitcoin exchange-traded funds (ETFs) reported the day prior. The outflows totaled $236 million, aligning with softer on-chain demand read.
Asian equities fell broadly, with South Korea's KOSPI down 4.0% and Japan's Nikkei 225 declining 2.9%, as tech and chip names contributed to the losses. SoftBank Group, an investor in OpenAI, was among the biggest drags on the Nikkei.
The sharp drop in USD/JPY to about 158.5 reignited speculation about another yen intervention, with no official confirmation at the time of writing. The move could influence both risk appetite and capital availability for higher-beta assets like cryptocurrencies.