Pre-Market Crypto Stock Selloff: BitMine Down 3.33%, Bitcoin Below $70K

The pre-market session opened with clear selling pressure. BitMine Immersion Technologies (BMNR) is down over 6% in early trading, extending the steep losses from Wednesday when the stock fell nearly 8%. This move follows a broader crypto equity selloff, with Galaxy Digital (GLXY) and Coinbase (COIN) also lower, as losses in related stocks extended into the pre-market session.

Bitcoin itself is under significant strain, having briefly fallen below $70,000 earlier this week. That drop marked the first time the asset traded below that key psychological level since November 2024. The cryptocurrency remains down over 47% from its October peak, reflecting a sustained bearish trend.

The flow suggests a flight from risk assets. The sell-off in Bitcoin and its treasury-linked equities coincided with a sharp drop in tech stocks and broader market volatility, indicating that capital is moving out of speculative holdings. This liquidity drain is pressuring even the largest crypto-related public companies.

The Macro Catalyst: Tariff Hikes and Risk Appetite

The immediate trigger was President Trump's announcement to raise global tariffs to 15% from 10%. This move sent U.S. stock futures tumbling, with the Dow Jones Industrial Average futures dropping 300 points, or 0.5%. The news heightened market uncertainty about inflation and global growth, prompting a broad flight to perceived safety.

That flight pressured all risk assets. Oil prices sank as a result, with Brent crude futures declining 1.2% to $70.93 a barrel. Bitcoin followed suit, slumping 5% to below $65,000 on the news. This demonstrates how macroeconomic shocks can override asset-specific narratives, as the tariff hike triggered a liquidity drain from speculative holdings.

The impact is a classic risk-off reaction. When growth and inflation outlooks darken, investors sell volatile assets like crypto and tech stocks to preserve capital. This reduces market liquidity and conviction, making prices more sensitive to any new negative headline. The move underscores that crypto's price action is now tightly coupled to global macro flows, not just digital-native sentiment.

Flow Divergence and Key Levels to Watch

Bitcoin's break below $70,000 is a critical technical signal. That level, which the asset briefly fell under earlier this week, has been flagged by analysts as a key threshold. A confirmed breakdown could trigger further downside, with some estimates pointing toward a potential downside toward the $70K–$60K range. The move follows a steady decline from its October peak, with the price now sitting around 40% off its all-time high.

The selloff is not uniform, revealing a flow rotation. While most crypto equities are under pressure, some Ethereum treasury stocks are bucking the trend. ETHZilla Corp. bucked the decline, rising by more than 3% in pre-market trading. This divergence highlights a shift in capital, with some investors rotating into specific ETH-linked holdings even as broader risk assets face selling.

Watch for whether the dollar weakens further. A weaker U.S. dollar has coincided with recent Bitcoin gains, suggesting an inverse relationship. Bitcoin is ticking higher as the dollar eases, a dynamic that could provide a counter-current to the current macro-driven sell-off if the DXY continues to pull back.