Bitcoin endured yet another underwhelming session, failing to hold the $78,000 mark and erasing earlier gains to close the 24 hours just above $77,000. The price action reversed the momentum seen between Wednesday afternoon and early Thursday. Market data show that during that period, the top cryptocurrency steadily climbed from just over $77,200 to breach the $78,000 threshold for the first time just before midnight.

While bitcoin momentarily held that level, the first of two sell-off waves caused it to briefly tumble to just under $77,500. A sharp rally lasting less than an hour lifted it back above $78,000, but that proved to be the last time it traded at that level. It gradually declined through the morning, reaching just under $76,700 around 9:44 a.m. EST.

At the time of writing, bitcoin had recovered slightly to trade around $77,200, down 0.3% from the same time 24 hours earlier. The marginal decline left its market capitalization virtually unchanged at approximately $1.55 trillion, though the volatility triggered $44.3 million in liquidations across long and short positions.

Since a sharp weekend decline—sparked by fears that the U.S. was planning to resume combat operations against Iran— bitcoin has struggled to rediscover the momentum that pushed it past the $82,000 mark on May 6. Not even the Trump administration’s postponement of the strikes and subsequent reports of diplomatic progress have boosted the cryptocurrency.

In fact, bitcoin has declined by more than $4,500, or nearly 6%, since May 14, effectively erasing most of its gains since the start of the month. The cryptocurrency’s struggles come amid a prolonged stretch of spot bitcoin exchange-traded fund (ETF) outflows.

According to a Bloomberg report, this capital flight is largely driven by ETF holders who are utilizing minor market recoveries as an opportunity to sell and de-risk, treating the price bounces as an exit window rather than a signal to accumulate.

This cautious sentiment mirrors a broader, dramatic shift in market dynamics highlighted by social media commentator The Great Martis, who noted that the once-tight correlation between Bitcoin and the Nasdaq has come to an end. While Bitcoin has experienced a definitive 40% decline from its recent cycle peaks, the Nasdaq has staged an impressive 26% rally since the two decoupled.

According to this analysis, the divergence indicates that a majority of investors have quietly exited the digital asset space or given up entirely, choosing instead to rotate capital into high-performing semiconductor stocks. This leaves crypto in a precarious position, heavily reliant on hope and hype rather than market fundamentals.

The breakdown warning suggests that when the Nasdaq inevitably undergoes a correction, Bitcoin’s lackluster performance will be painfully exposed, potentially triggering an epic flight of capital out of high-risk, non-yielding speculative assets. To spark a meaningful recovery, the sector would likely need to attract an entirely new wave of retail participants.

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