Bitcoin’s mid-week price rally that drove it to a monthly peak of $67,000 came to a halt, and the asset dipped below $64,000 earlier today, erasing essentially all the gains it had recorded.
Here are the two possible reasons behind this nosedive.
ETF Investor Exodus
At first, we begin with the spot exchange-traded funds tracking the largest cryptocurrency. They were on a seven-day roll that began last Tuesday and had attracted roughly $1 billion within that timeframe for the first time since April. However, investors changed their minds once again on Thursday, pulling out over $200 million worth of BTC. This coincided with the asset’s initial retracement that drove it toward $65,000.
More recent on-chain data from today, though, claimed that BlackRock has continued to dispose of BTC for its clients, sending approximately $203 million to Coinbase Prime, which it always uses when it liquidates some of its ETF positions.
Of course, the actual damage for the entire day will be announced tomorrow when data providers such as SoSoValue update their numbers. For now, though, the uncertainty remains relatively high given the latest trend shift.
BlackRock moved 3.126K $BTC (~$203M) from its IBIT Bitcoin ETF wallet to Coinbase Prime.
The movement was executed across multiple transactions, including several 300 $BTC batches and one 126.168 $BTC transfer.@blackrock@coinbasepic.twitter.com/hD4ty5YARy
— Onchain Lens (@OnchainLens) July 24, 2026
Trump Threatens With New Tariffs
Ever since he returned to the White House, President Donald Trump has made numerous attempts to impose tariffs on essentially all countries at one point. What’s particularly interesting is the fact that nations within the EU have become the main target, even though they are supposed to be allies.
History shows that the darkest hours of tariff threats have impacted BTC severely, including last April when the asset tanked. The past few hours brought another example of this, which coincided with the asset’s retreat to just under $63,000.
He blamed the bloc for imposing substantial penalties on some of the largest US companies, such as Apple, Meta, and Google, and warned that his administration will “immediately initiate a 301 Investigation into the practice of “ROBBING” American Companies and, in turn, the American Taxpayer.” In addition, he outlined an upcoming wave of tariffs.
“The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about. The penalties will be entirely reversed and, we anticipate, a substantial TARIFF to be placed on them at the earliest possible moment,” reads the message.
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