Bitcoin ETF Liquidations Looming as Price Tests $60,000: Analyst

Bitcoin's recent decline has pushed it towards the critical $60,000 level, raising concerns about potential liquidations in U.S. spot BTC ETFs. Markus Thielen, founder of 10x Research, estimates that the average entry price for these ETFs is between $60,000 and $61,000, making a break below this level a trigger for liquidations. This is particularly concerning as institutional investors haven't yet entered the market in force, despite initial claims from BlackRock. Recent sell-offs by miners, old wallets, and Germany's divestment of crypto holdings have further amplified downward pressure. Bitcoin's price has dropped by 14% in four weeks, trading at $60,200 after dipping below $60,000 earlier Friday morning.