Bitcoin retreated under USD 112,000 on Thursday, with traders turning cautious ahead of key US releases, including today’s GDP figures and Friday’s PCE data.
Softer prints could reinforce expectations of a dovish Federal Reserve stance and support Bitcoin, while signs of deeper economic weakness could weigh on broader risk sentiment.
Position liquidations underscored the fragile backdrop. Over the past 24 hours, it reached USD 411 million, with longs constituting the majority.
On the bright side, ETF flows turned supportive after two sessions of outflows. US spot Bitcoin funds drew USD 241 million on Wednesday; however, support could remain patchy. In contrast, Ethereum products continued to struggle, posting USD 79 million in redemptions.
Crypto treasury initiatives could continue to support the market. Jiuzi Holdings, a China-based EV retailer, announced a USD 1 billion crypto investment plan focused on Bitcoin, Ethereum, and BNB. While the direct market impact may be limited, the move illustrates the growing integration of digital assets into corporate strategies, painting a bullish long-term scenario for cryptocurrencies.
