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According to The Kobeissi Letter, more than $230 million in leveraged Bitcoin long positions were liquidated in just 60 minutes
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On-chain analytics firm Glassnode said in a post on X that Bitcoin has retreated from the low-$80,000 region back toward the mid-$70,000 range as spot demand, ETF inflows, and volatility expectations continue to fade.
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Trump said late Wednesday in a post on Truth Social that “America is now the CRYPTO CAPITAL of the WORLD, and Builders and Entrepreneurs are coming BACK to the United States where they belong.”
Bitcoin (BTC) slipped below $73,000 on Thursday to its lowest level in more than six weeks as macroeconomic jitters, exchange-traded fund (ETF) outflows, and liquidations in leveraged positions weighed on the broader cryptocurrency market, shortly after U.S. President Donald Trump doubled down on digital assets.
The world’s largest cryptocurrency by market cap slid 3.5% to $72,885 during Asian trading hours, marking its weakest level since mid April. The second-largest token, Ether, fell more than 4.5% to $1,975.52, the lowest level in more than two months.
Meanwhile, Trump had said late Wednesday in a post on Truth Social that “America is now the CRYPTO CAPITAL of the WORLD, and Builders and Entrepreneurs are coming BACK to the United States where they belong.”
Heavy Liquidations, ETF Outflows Pressure Bitcoin
The sharp fall comes amid rising investor concerns that the ongoing U.S.-Iran conflict could reignite inflationary pressures and potentially force the Federal Reserve to keep interest rates higher for longer.
According to The Kobeissi Letter, more than $230 million in leveraged Bitcoin long positions were liquidated in just 60 minutes.
Meanwhile, Bloomberg reported that spot Bitcoin ETFs in the U.S. have also faced persistent selling pressure, with net outflows totaling roughly $1.5 billion so far in May.
On-chain analytics firm Glassnode said in a post on X that Bitcoin has retreated from the low-$80,000 region back toward the mid-$70,000 range as spot demand, ETF inflows, and volatility expectations continue to fade. “Positioning has reset, but conviction remains limited,” the firm said.
Glassnode analyst Chris Beamish said that Bitcoin volatility is being “crushed again,” with Deribit Bitcoin Volatility Index (DVOL), one of the most widely followed crypto indexes, hovering near 35, close to the lowest levels seen over the past year.
