BITCOIN SLIDES FURTHER BELOW $85,000; ANALYST POINTS TO BASIS TRADES UNWINDING

Summary from the TLDR Crypto newsletter

Bitcoin dropped below $85,000, hitting a low of $83,600—its weakest level since November 2024—amid a broader crypto market slump driven by institutions unwinding basis trades. The sell-off coincided with record $1 billion outflows from U.S. Bitcoin ETFs and declining altcoin prices, with analysts noting weak macro indicators and stagnant CME basis metrics as key concerns. Despite optimism around Trump-era crypto policies, market volatility and fading speculation suggest a challenging near-term outlook before any potential recovery.