Bitcoin nears $67,000, hitting lowest level since October 2024

Bitcoin ($BTC ) tumbled close to $67,000 on Thursday, touching its lowest level since October 2024.

The token is down more than 45% from last year's all-time high, erasing all of the gains made during President Trump's second term. Investors had been optimistic that the administration's crypto-friendly policies would lift digital-asset prices.

Despite the intense selling, some bitcoin strategists say the token may not have reached a bottom yet.

"Bitcoin remains in a larger bear-market structure," 10X Research wrote in a note on Thursday. "In the absence of a strong catalyst and with positioning still stretched, downside risks remain elevated."

Notably, the firm points to a significant overhang — overexposed bitcoin ETF holders who are underwater, with an estimated average acquisition price near $90,000.

A similar dynamic is playing out with ethereum (ETH) ETFs, as investors are down approximately 31% given their average cost basis, according to 10X Research data.

"Under these conditions, attracting incremental allocations from Wall Street investors becomes increasingly difficult, particularly when many existing holders likely regret not reducing exposure at significantly higher levels," 10X said in its note.