Bitcoin Falls Below $75K; Longs Take $106M Hit
Bitcoin slipped below $75,000 to $74,530 on May 27, triggering about $106 million in long-position liquidations.
Bitcoin fell below $75,000 to $74,530 on May 27, erasing about 3% of its weekly value and pushing its market capitalization back under $1.5 trillion.
Price data from Bitstamp show the decline accelerated after 8:44 a.m. ET, when bitcoin dropped from roughly $76,800 to $74,637 in under two hours. The token rose briefly above $75,300 about an hour later before falling to an intraday low of $74,530. Earlier in the week, a $2,000 flash crash pushed prices below the $76,000 support level.
Derivatives markets recorded most of the losses. Exchanges posted $115.3 million in leveraged bitcoin liquidations on May 27, with long positions accounting for about $106 million of that total. Across the broader cryptocurrency market, total liquidations reached $334 million, and long bets made up roughly $285.6 million.
Onchain analytics firm Glassnode reported weakening spot demand and a deterioration in U.S. spot exchange-traded fund netflows in its weekly report. The report cited indicators such as the realized profit-to-loss ratio as showing fading capital inflows while noting that long-term holders kept defensive allocations.
Global equities were mostly flat as bitcoin fell. South Korea’s Kospi rose more than 2%. Brent crude traded near $95 a barrel and West Texas Intermediate slipped below $90, following reports that U.S.-Iran diplomatic talks may be nearing a conclusion and could ease concerns about supply disruption.
Traders on decentralized prediction markets assigned modest odds to a diplomatic breakthrough. Polymarket priced the chance of a U.S.-Iran agreement by May 31 at about 30%, and Kalshi’s implied probability that the Strait of Hormuz would fully reopen before July 1 was near 36%.
Recent factors supporting bitcoin included inflows into U.S. spot ETFs and accumulation by long-term holders. Glassnode’s report indicated the pace of those inflows had slowed and that futures markets showed concentrated long positioning, which coincided with the recent string of liquidations.
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