Bitcoin Slips Under $73K as Crypto Liquidations Near $1B
Nearly $1 billion in crypto positions were liquidated over the past day as Bitcoin dropped below $73,000, reflecting increased volatility amid rising geopolitical tensions and persistent outflows from U.S. spot Bitcoin ETFs. Bitcoin fell to an intraday low of $72,712 and is now trading at $73,330, down 3.3% in 24 hours, with further declines of 6% over the past week and 33% for the year. Over the past 24 hours, $931 million in crypto positions were liquidated, largely due to investors’ high leverage. Spot Bitcoin ETFs have seen significant outflows, with $1.02 billion withdrawn in three days this week alone, adding to prior weeks’ outflows. About $1.3 billion in BlackRock’s IBIT changed hands off order books, viewed as a net negative. Escalating Middle East tensions and oil price fluctuations are contributing to market instability. Investor sentiment is weakening, with a rising probability among prediction market users that Bitcoin could fall further, with a 38% chance now projected for a drop to $55,000.
