Bitcoin slides to $73,000 as $897 million in long liquidations hit

Bitcoin fell 3.3% to $73,035 as of 06:30 UTC, with nearly $900 million in leveraged long positions liquidated across crypto exchanges in the past 24 hours, Coinglass data shows. The market cap of the largest cryptocurrency stood at $1.46 trillion, with bitcoin dominance near 57.7%.

"Nearly $900 million in long liquidations reflects forced deleveraging after weeks of crowded positioning," Javier Martinez, CEO at sFOX, said. "Institutional investors are waiting on regulatory confirmation, not just macro improvement."

Total liquidations reached $958.8 million over the past 24 hours, with longs accounting for $897 million versus just $61 million in shorts. Ether slipped below $2,000 to $1,998, down 4.4%, while open interest on the token climbed to a record 16.39 million ETH ($32.61 billion) — a divergence that typically signals traders adding shorts rather than buying the dip, Coinglass data shows. Bitcoin open interest on CME fell 9.85% to $7.56 billion, indicating regulated futures are coming off while offshore perpetuals hold steady with funding neutral at 0.0058%.

The selloff leaves bitcoin at a critical technical juncture. A sustained break below $73,000 opens the path toward $70,500, while a recovery above $77,500 would bring the $80,000 to $82,000 zone back into play. About $8 billion in options expire on Deribit on Friday, with max pain at $75,000 and $375 million in put notional clustered at that strike.

Oil spike and ETF outflows compound selling pressure

The immediate trigger was a spike in oil prices after U.S. airstrikes on an Iranian military facility near the Strait of Hormuz. Brent crude jumped to $96 a barrel from $92 before settling at $94 during the European morning, stoking fresh inflation concerns that rippled across risk assets. The U.S. dollar index crossed 99.3, touching a seven-week high, while gold fell below $4,400 per ounce to a two-month low.

The macro shock compounded existing pressure from institutional outflows. A $1.3 billion dark pool sale of BlackRock's iShares Bitcoin Trust shares on May 26 extended the spot bitcoin ETF outflow streak to eight consecutive sessions, with total outflows since mid-May crossing $2 billion. Swissblock's Risk Index has moved into high-risk territory, and on-chain apparent demand is near its weakest reading since December.

Deribit's DVOL volatility index sits near 36, the eighth percentile of the past year, while ether volatility is at its first percentile and the lowest since early 2024. Still, the 25-delta put-call skew is elevated at plus 12.3 percent on the one-week and plus 10.3 percent on the one-month for bitcoin, meaning traders are still paying for downside protection even with headline volatility compressed.

This article is for informational purposes only and does not constitute investment advice.