Bitcoin (BTC-USD) has dropped nearly 20% over the past week, hitting around $70,500 in the last 24 hours as investors pulled money from US spot bitcoin exchange-traded funds (ETFs). The largest digital asset by market capitalisation is now at its lowest level since November 2024.

Bitcoin (BTC-USD) dipped below $70,000 (£51,419) on Bitstamp Thursday morning during Asian trading, while other major exchanges, like Coinbase (COIN), recorded a low of $70,002.

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The sell-off comes as investors pull capital from spot bitcoin (BTC-USD) ETFs, including those managed by BlackRock (BLK). Bitcoin peaked above $126,000 in early October but has steadily declined since.

According to data from SoSoValue, US…