Bitcoin price hit a year-to-date low of $74,555, marking a 40% drop from its all-time high, coinciding with $1.3 billion in net outflows from global Bitcoin ETPs. Analysts see a potential asymmetric trade setup in the making as valuations reach fire-sale levels.

BTC’s 2-year MVRV z-score hit a record low, signaling extreme undervaluation. Global Bitcoin ETPs saw $1.35 billion in weekly outflows, with US spot ETFs leading the way. Bitcoin’s daily RSI dropped into a zone that has historically preceded 10% rebounds.

Bitcoin may see a relief move after finding support near Monday’s lows. The RSI correlation suggests a rebound, with positive spot CVD indicating net aggressive buying. Long liquidations worth over $1.8 billion support a bullish view, with over $3 billion in cumulative short positions at risk of liquidation near $85,000.

Read more at Cointelegraph: BTC Hits Record Undervaluation Amid ETF Outflows: Bitwise