Bitcoin Slides Below $77K; $657M Liquidated, Whale Bets on ETH

Bitcoin fell below $77,000 on Monday, extending a four-day slide. The drop triggered $657 million in liquidations across crypto markets over 24 hours, with $584 million coming from long positions. The decline followed a brief rally tied to the CLARITY Act’s advance in the Senate Banking Committee on May 15, when traders sold into the regulatory news.

The Fear and Greed Index fell to 29 from 50. Quant (QNT) declined about 7% to trade near $75, approaching its 50-day exponential moving average at $72.86. Bitcoin Cash traded below $400 and beneath both its 50- and 200-day EMAs. Bitcoin was trading between $76,000 and $76,500 at press time, with the 50-day EMA at $76,716 as near-term support and the 200-day EMA at $83,513 as overhead resistance. The prior major support test came at $70,740 on April 12, 2026.

On-chain records show serial high-leverage trader Machi Big Brother, the alias of entrepreneur Jeffrey Huang, was liquidated during the drop and immediately opened a new 25x leveraged long on 1,825 ETH, valued at about $3.87 million. The position carried a liquidation price listed at $2,086.69.

Public records indicate Huang has recorded more than 335 liquidations, including 262 in January 2026. He previously opened an $86 million combined BTC and ETH long after losing roughly $73 million over six months.

Spot bitcoin exchange-traded funds recorded a net outflow of $1.039 billion for the week of May 11–15, ending six consecutive weeks of net inflows. Spot Ethereum ETFs posted a net outflow of $255 million over the same week. Those outflows coincided with the market sell-off.

Market participants are monitoring the 50-day EMA and the April low at $70,740 as reference levels for further price action.