Bitcoin slipped below $65,000 again amid renewed uncertainty around U.S. trade policy, touching roughly $64,300 before stabilizing. As of 5:40 am ET, BTC was trading near $66,355, with ether at $1,915, both modestly off session lows.

The move comes during a week dominated by shifting headlines around tariffs and court rulings, keeping macro sentiment fragile rather than triggering a single headline driven selloff. The broader crypto market shed about $100 billion in market value over 24 hours. U.S. spot Bitcoin ETFs have now recorded five consecutive weeks of net outflows, totaling roughly $3.8 billion, underscoring the steady bleed in institutional positioning.

This story is an excerpt from the Unchained Daily newsletter.

QCP described the backdrop as a “perfect storm of geopolitical tension” and thinning risk appetite in a report. Around $230 million in long liquidations were triggered during the Asia session. At the same time, QCP noted that volatility spikes are becoming less extreme and options skew, while still tilted toward puts, is less stretched than during prior flushes. 

“BTC is on track to close its fifth red month for the second time in recent history, which suggests we may be moving into the later innings of this drawdown rather than the start of a fresh leg lower,” they wrote.